I'm talking specifically, because a previous poster mentioned not wanting to report her taxpayer status to PP, about the fact that PayPal already has this as a term of service and states they're required to report payouts of $600 and more, as are, apparently, all other payment processors. This must be separate from the bank-account transaction reporting legislation, since that hasn't passed yet and because the threshold is supposedly going to be raised. Two separate things, apparently, but related.

If you do not report you do not get to access the money.

Discussion continues on the reporting of $600 to IRS by banks:

[www.foxbusiness.com]

And per Nancy Pelosi this is in Reconciliation and will stay there despite overwhelming complaints from the public and from banks:

[www.msn.com]


edited because I didn't proofread and my spelling - or autocorrect - was horrible

Edited 1 time(s). Last edit at 10/13/2021 12:51PM by roflwofl.

If Congress adds yet another responsibility to the IRS I would hope they beef up their budget accordingly.

@KathyG wrote:

If Congress adds yet another responsibility to the IRS I would hope they beef up their budget accordingly.

I read that they are trying to add more agents and, I think, upgrade their technology. Hopefully that happens!

The IRS is not the only department that needs more funds to hire more people. I know for a fact Department of Family and Children's Services doesn't have the money and the social workers they need.USPS has had to fight to get additional funding. The forestry service needs more money as well. Especially, on the west coast.

The focus appears to be on small potatoes rather than people making 400K+

[www.msn.com]

Yes, it’s a ruse when they claim they are going after the super wealthy. It’s a spy tactic on every American. Troubling times.

Understand the lack of privacy that has been proposed.

[www.msn.com]

deleted

The post office has nearly 700,000 employees and had $9.2 billion dollar loss in 2020. They have done enough to control their costs. They have post offices that don't even how gross sales equal to the rent let alone all the salaries of that post office. They need to cut expenses and if that means cutting residential customers down to three days a week mail delivery, that's what they need to do. They don't need a bigger budget they need to be able to live within their budget.
The Department of Family and Children's Services is a state agency, not Federal.
#letsgobrandon

Edited 1 time(s). Last edit at 10/16/2021 03:41AM by tstewart3.

You need to get better news sources.

I get the feeling that this is a bunch a do about nothing. Because as sure as Market Force has lost The black & White bear shops and place that sells the roast beef sandwiches. I am willing to bet that someone somewhere will sue to have it blocked. But then again, I could be wrong; look at Google with all of the Chrome Books that are no longer getting updated and are still in use. The browser will not get any more updates after a while, and you can not use Firefox or Opera on them. So no banking info. No one cares about your privacy anymore.

IRS warns of scam alert regarding Child Care Tax credits:

[news3lv.com]

There is a link to the topic under discussion here.

I'm going in!

The linked news assures consumers that the IRS does not use pressure tactics, as potential scammers do, and reminds consumers that the IRS does not need to ask for personal information, as scammers do. It seemed like a good idea to post something that might be a reminder for people who will receive the covid child tax money. That was my public service for the year. The IRS is not all bad, and there are helps for people who might fall prey to scammers. I appreciate this and hope that no one will fall prey to scams. As my hubby's accounts have been compromised by person or persons unknown and the banks have done their due diligence in preventing various wrongs there, I am comforted that banks are taking this proposed transaction legislation seriously for good reasons. So from a reminder to stay safe re: covid child tax funds to the topic of the thread and beyond that to my tangent...

My concerns have taken on more substance and pertain to security issues and potential scams that could arise if the proposed legislation becomes law and banks are forced to reveal information regarding us to the IRS. The IRS is not necessarily our enemy. As long as we report what we are supposed to report and pay what we should pay, we are in integrity, the IRS is happy, and we are free to carry on in our way. So far, so good.

What I want to know is this: how secure is our banking information now, and how secure or insecure can it become if information regarding our transactions is circulated more widely (such as if banks were forced to share transaction information regarding us to the IRS)? Does this proposed legislation open any doors, or even any cracks, toward lower levels of security/higher levels of risk for banks and bank customers? Is there even the slightest possibility that some clever searcher could hack the IRS , banks, and/or us and gain even more of our information via unlawful methods? What could they do with that information? Could these bad actors go so far as to steal directly from our accounts? If there is even an inkling of harm, the proposed legislation should be scrapped, imho. But it is early days in my little research project and there is time to find out that this could be the best thing ever. Or not.

It all depends on how good the URS agent is. I remember that an IRS agent swore he would close all small computer repair shops down because he had a burr under his saddle. This was back in the Nineties. Sort of like the governor of Missouri wanting to prosecute the reporter for reporting a bug in the state's website that had all of the school teachers and administrators SSN's on the website, which you did have to sort of have to look for by clicking on view all in the web browser. Governor claims that the reporter is a hacker. So not everyone in the government will have your best interest at heart.

Edited 1 time(s). Last edit at 10/17/2021 05:03PM by 2stepps.

It makes sense to hire more IRS workers. Taxes provide the money for the Feds to pay the bills. What kind of stupidity thinks the country should let people cheat on taxes? If everyone paid their correct taxes. it might be possible for the overall tax rate to go down.
Everyone worries about privacy and their right to do what they want. In today's world privacy does not exist. Many times a local government or school board will make a decision and the governor/state legislature will overturn the local decision. In the world today, the loudest screamer prevails.

I have always believed that the IRS gets a belly laugh or three every year because of me. This is okay. It would not be okay if a door were opened for rampant or unchecked prying into matters that should be beyond the purvey of the IRS. So, let them laugh at me but don't let them have so much access to all of us that they could harm any of us before we have a chance to know that we are targeted, caught up in a sweep of unrelated issues, victims of gestapo-style reporting, or are experiencing some other unwanted possible outcome.