A friend of mine received a letter today from his bank that says that the Federal government wants the bank to monitor his private banking info and transactions and report it to the IRS.
He was advised to go to this site:
This will allow you to send a letter to your representatives, in our case, Barrasso, Cheney and Lummis in Wyoming to advise them that we don’t want this. I’d advise anyone who doesn’t want the government invading their privacy to look at this, we all should be getting a letter like this, just a heads up, maybe Sean can have a look at this
Just as a side note, all of our reps and senators have their own contact pages. If I’m going to send them a strongly worded letter, I’d like my home address to go through as few channels as possible.
Here’s the link for your U.S. Congresshumanoidperson:
The bank secrecy act was expanded last year when Congress overrode Trump’s veto of the National Defense Authorization Act. Not only do those Congress critters already know about it, the ■■■■■■■ voted for it. This is why it pays to know who you’re re-electing.
I know how hard you want to stick this to Trump, but this ■■■■ is all Biden. I read about it last week. The banks are pissed. They are sending out letters right and left to their customers. Guess Biden thinks you are rich if you have over $600 in your bank account and he thinks he and his flunky ass minions should be allowed to track all your transactions.
Tell me again how this admin is not authoritarian. It makes me laugh.
INTRODUCE COMPREHENSIVE FINANCIAL ACCOUNT REPORTING TO IMPROVE TAX COMPLIANCE
Current Law
Business income is subject to limited information reporting. Current information reporting of gross receipts exists for only certain types of revenue (from Forms 1099-MISC, 1099-NEC, and 1099-K), and there is no information reporting on total deductible expenses.
Reasons for Change
The tax gap for business income (outside of large corporations) from the most recently published Internal Revenue Service (IRS) estimates is $166 billion a year.1 The scale of this revenue loss is driven primarily by the lack of comprehensive information reporting and the resulting difficulty identifying noncompliance outside of an audit. While the net misreporting percentage is only 5 percent for income subject to substantial information reporting, the net misreporting percentage for certain categories of business income exceeds 50 percent.
Requiring comprehensive information reporting on the inflows and outflows of financial accounts will increase the visibility of gross receipts and deductible expenses to the IRS. Increased visibility of business income will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance.
Proposal
This proposal would create a comprehensive financial account information reporting regime.
Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts,2 with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.
Other accounts with characteristics similar to financial institution accounts will be covered under this information reporting regime. In particular, payment settlement entities would collect Taxpayer Identification Numbers (TINs) and file a revised Form 1099-K expanded to all payee accounts (subject to the same de minimis threshold), reporting not only gross receipts but also gross purchases, physical cash, as well as payments to and from foreign accounts, and transfer inflows and outflows.
Last time I wrote an angry but civil letter to a senator, I got an audit based on nonsense. Just saying. Claimed I mis-stated my state tax, while state documentation showed I reported exactly what the state said I paid. I stopped writing.
D Brown Ohio, strictly constitutional complaint about Obamacare. No inflammatory or invective at all. Not even mild snark. Oh but subsequently I learned from other elected officials that it contained a threat, because I promised to work against his re-election.
To be fair, there is no actual proof it was at his behest, just a coincidence, what makes me think it wasn’t was the sheer stupidity of the accusation. I mean I had my state returns on file that exactly matched my claimed amount.
How am I sticking it to Trump? Trump vetoed the bill and Congress OVERRODE the veto. This crap was rammed through last year. Biden has nothing to do with it.
