Biden Admin Proposes Reporting ALL transactions over $600

[Vor]

Looks like my home country is going to become even more cuckoo not sure if anyone else here has taken a read into the Biden administrations new proposed bank account reporting requirements. I know some on this form have talked about the EU's lowering of cash purchases of a few thousand euro while now in America they want all transactions over $600 to be reportable and financial institutions to send the IRS inflow/outflow data on all their customers. How long will it take them I wonder to lower from $600 to just $1 lol. The EUSSR is awful but the USSA is also well on its way to becoming the same thing.

Biden’s $600 Financial Reporting Requirement Could Lead to Even More Violations of Taxpayer Rights | Americans for Tax Reform
CBO: Biden’s IRS Proposal Could Yield ~$200B

Here is the US treasury discussing this skip to page 88 for the section specifically pertaining to the new enhanced reporting from financial institutions
https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

It's probably a great time to become a CPA because soon you will be disclosing and reporting when you wipe your a*s call it a 1099-s**t wont surprise me at the going rate

 

[tyrexoid]

hmm, but for law abiding and tax abiding folks nothing will change, right? they won't even notice since they use CPAs to do the job, so, I guess just more work for CPAs and Banks.

 

[Martin Everson]

FYI page 88 says the below. Notice the crypto section. Don't know if this will affect foreign banks with American clients. Would be pointless if Americans could just avoid all this by using banks, exchanges overseas .

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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, 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.

Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions. The Secretary would be given broad authority to issue regulations necessary to implement this proposal. The proposal would be effective for tax years beginning after December 31, 2022.

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[Vor]

FYI page 88 says the below. Notice the crypto section. Don't know if this will affect foreign banks with American clients. Would be pointless if Americans could just avoid all this by using banks, exchanges overseas .

----

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, 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.

Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions. The Secretary would be given broad authority to issue regulations necessary to implement this proposal. The proposal would be effective for tax years beginning after December 31, 2022.

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my thoughts exactly lol perhaps this makes a foreign bank account more private than a domestic US one haha since sure there is FBAR from FATCA but that is just on balance not transaction data. 2022-2023 sounds like the tax year of privacy death in America at the going rate. It's already pretty dead but the nail in the coffin seems to be coming.

 

[Davis123]

Looks like my home country is going to become even more cuckoo not sure if anyone else here has taken a read into the Biden administrations new proposed bank account reporting requirements. I know some on this form have talked about the EU's lowering of cash purchases of a few thousand euro while now in America they want all transactions over $600 to be reportable and financial institutions to send the IRS inflow/outflow data on all their customers. How long will it take them I wonder to lower from $600 to just $1 lol. The EUSSR is awful but the USSA is also well on its way to becoming the same thing.

Biden’s $600 Financial Reporting Requirement Could Lead to Even More Violations of Taxpayer Rights | Americans for Tax Reform
CBO: Biden’s IRS Proposal Could Yield ~$200B

Here is the US treasury discussing this skip to page 88 for the section specifically pertaining to the new enhanced reporting from financial institutions
https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

It's probably a great time to become a CPA because soon you will be disclosing and reporting when you wipe your a*s call it a 1099-s**t wont surprise me at the going rate

It's becoming more burden on US expats who are living overseas like me. Banks don't want me locally and most local brokers don't want to deal with US clients living overseas in that country even. Too much reporting burden on their compliance teams. Most of them told me just get a second passport and don't declare your US status to us that's all. Blatantly telling us to break the laws. This thing needs to end but US govt is trying more ways now to create headaches for US residents even. . Worst govt ever to deal with and they blame Eritera etc. Hypocrites basically.

 

[Vor]

It's becoming more burden on US expats who are living overseas like me. Banks don't want me locally and most local brokers don't want to deal with US clients living overseas in that country even. Too much reporting burden on their compliance teams. Most of them told me just get a second passport and don't declare your US status to us that's all. Blatantly telling us to break the laws. This thing needs to end but US govt is trying more ways now to create headaches for US residents even. . Worst govt ever to deal with and they blame Eritera etc. Hypocrites basically.

I feel you man I'm also a US expat and run into all the same issues. It's funny how much worse it's getting to be honest. All of our issues we deal with abroad are basically what they want to come to domestic Americans. Corporate Transparency Act is basically domestic FATCA of sorts. It's not bank accounts but in 2022 Americans will be filing DOMESTIC LLC's data to FinCen. So now Amy's Bakery in Florida will need to turn over her corporate ownership data to FinCen yearly or risk $10,000 fines same as FATCA fines ironically.

I'm suprised foreign banks would openly recommend you to get a second passport and not declare the US one to them haha that is some epic s**t actually. f**k the IRS. What country banks were this that openly recommended this out of curiosity?

 

[Vor]

hmm, but for law abiding and tax abiding folks nothing will change, right? they won't even notice since they use CPAs to do the job, so, I guess just more work for CPAs and Banks.

besides the erosion of more of your privacy and property rights then yes nothing else happens to tax law abiding cucks. The more work for CPAs = Higher compliance bills from your CPA so this will impact you. The more work from your bank = Higher Fees or higher minimum balances etc so this will also still likely impact you.

 

[daxbr]

besides the erosion of more of your privacy and property rights then yes nothing else happens to tax law abiding cucks. The more work for CPAs = Higher compliance bills from your CPA so this will impact you. The more work from your bank = Higher Fees or higher minimum balances etc so this will also still likely impact you.

As every time such a situation arises, one might look to the z**etas and the s**inaloas for solution. They have better accountants/lawyers and certainly more money.

 

[Cocopops]

A big monetary crisis could be a great excuse to impose "to save us" a crypto euro and a crypto dollar, things are coming faster and faster every months it is pretty frightening.

 

[Vor]

A big monetary crisis could be a great excuse to impose "to save us" a crypto euro and a crypto dollar, things are coming faster and faster every months it is pretty frightening.

this is their ultimate goal since then they can just track every financial transaction with no warrant, request, subpoena, or other procedural process standing in their way. It'll just be did you buy this candy bar for $3 when you declared $2 in taxes! You under reported $1 now send us your $100 fine lol.

 

[Martin Everson]

this is their ultimate goal since then they can just track every financial transaction with no warrant, request, subpoena, or other procedural process standing in their way. It'll just be did you buy this candy bar for $3 when you declared $2 in taxes! You under reported $1 now send us your $100 fine lol.

When a US CBDC does happen there will be no fine. They will just take the money owed straight out of your digital wallet. They will garnish all future deposits into that wallet if needed. Add to that they will bring in deeply negative interest rates to prevent digital cash hoarding. The government will literally take a little of whatever you leave in your wallet every day unless you spend or invest it to keep the economy running

P.S If people think this will never happen. Then watch and learn. Keep getting used to using crypto as its the governments interest for an entire generation to feel comfortable using the technology which may take some more years.....just like when ATM cards came out. Then welcome to tyranny once a CBDC is the only currency you can use to buy or sell in your country.

 

[MiddleEuroAsia]

When a US CBDC does happen there will be no fine. They will just take the money owed straight out of your digital wallet. They will garnish all future deposits into that wallet if needed. Add to that they will bring in deeply negative interest rates to prevent digital cash hoarding. The government will literally take a little of whatever you leave in your wallet every day unless you spend or invest it to keep the economy running

the best solution for this is to stop using the dollar and use other currencies. Dealing with the USD brings a lot of headaches anyway so it might be worth it to get rid of it. But the problem is that if the US did it, then Europe will follow suit and then other countries will follow too. I just hope that some Asian countries don't do this s**t, but I doubt it. and at the end, they will follow sooner or later, because it's in the best interest of any government to track it's citizens' finances.

What is left then? I don't know. But what I do know, is that the weakest link in all of this CBDC fiasco is that it's centralized, but I would love to see how are they going to solve this issue.

Anyway, who do you think is the last country/countries to implement this CBDC system? I'm curious to hear your (or other members in this forum) opinion

 

[Martin Everson]

Anyway, who do you think is the last country/countries to implement this CBDC system? I'm curious to hear your (or other members in this forum) opinion

Maybe Papa New Guinea or something

Lets hope people like Elon Musk are ahead of the game and are using projects like Starlink as a guise to evade this coming nonsense .

 

[MiddleEuroAsia]

Lets hope people like Elon Musk are ahead of the game and are using projects like Starlink as a guise to evade this coming nonsense .

The issue with star link tho, is that a lot of countries won't approve of it because a lot of them have state monopolies in commutation Networks, like "We" in Egypt, "Etisalat" in the UAE...etc.

So, Unless Starlink make some kind of agreement with these entities, I don't see starlink coming to these countries anytime soon.

 

[Martin Everson]

The issue with star link tho, is that a lot of countries won't approve of it because a lot of them have state monopolies in commutation Networks, like "We" in Egypt, "Etisalat" in the UAE...etc.

So, Unless Starlink make some kind of agreement with these entities, I don't see starlink coming to these countries anytime soon.

How will these countries stop satellite communication if they don't approve it...lol? Are they gonna build a Lead dome over the entire country?

I have owned i.e a satellite phone before. So not sure how a country can stop satellite communication...lol.

 

[BlueMist]

How will these countries stop satellite communication if they don't approve it...lol? Are they gonna build a Lead dome over the entire country?

For Starlink to work I understand that you need some sort of external antenna - they can ban and heavily fine using them. Also they can ban the equipment on import.

 

[EuroKiss]

For Starlink to work I understand that you need some sort of external antenna - they can ban and heavily fine using them. Also they can ban the equipment on import.

Cuban govt banned satellite receivers to avoid people seeing Miami channels novelas, so many started selling big metal dishes for vases…

 

[Martin Everson]

Cuban govt banned satellite receivers to avoid people seeing Miami channels novelas, so many started selling big metal dishes for vases…

lol

For Starlink to work I understand that you need some sort of external antenna - they can ban and heavily fine using them. Also they can ban the equipment on import.

Depends on size and shape of device they use. For example it is near impossible to ban Satellite smart phones as they now look like normal mobile hansdsets.

 

[MiddleEuroAsia]

How will these countries stop satellite communication if they don't approve it...lol? Are they gonna build a Lead dome over the entire country?

For starlink to work, you need ground station that look like this , and/or antenna like devices that looks like this. And some governments can simply ban their import, just like they banned importing/using drones in their countries.

And let's be real, Satellite internet is complete s**t, and is very expensive, so it doesn't pose any threat whatsoever to telecom companies, because not a lot of people use satellite internet, and those who do, use it while cruising around the world, living in an island....etc.
However, Starlink is completely different beast, and it poses a real threat to telecom companies around the world, so you can see why some governments won't allow starlink to operate in their country because of made up reasons like how starlink is a "threat to the national security" or some other BS.

So yeah, it's gonna be interesting to see how Starlink and elon musk will deal with these issues

 

[EuroKiss]

For starlink to work, you need ground station that look like this , and/or antenna like devices that looks like this. And some governments can simply ban their import, just like they banned importing/using drones in their countries.

And let's be real, Satellite internet is complete s**t, and is very expensive, so it doesn't pose any threat whatsoever to telecom companies, because not a lot of people use satellite internet, and those who do, use it while cruising around the world, living in an island....etc.
However, Starlink is completely different beast, and it poses a real threat to telecom companies around the world, so you can see why some governments won't allow starlink to operate in their country because of made up reasons like how starlink is a "threat to the national security" or some other BS.

So yeah, it's gonna be interesting to see how Starlink and elon musk will deal with these issues

What I see is if a satellite company has tights with a globalist government all traffic will be filtered depending a specific political agenda.