Infrastructure plan includes auditing bank account of any inflow of $600 annually
https://www.americanbanker.com/news/...en-budget-plan
I figured I’d post this as most of us deposit cash and have to self report. If this passes it’ll be more important than ever to be mindful of bank deposits and talk to an accountant about how to keep track of expenses and income
Posting to inform and not necessarily open to debate of if it should or should not be passed. I’ll leave that up to you. Just wanted to make sure you all are aware as we work in a cash based Industy.
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Also applicable for those who deposit checks or receive direct deposits from camming/phone sex/clip sales income.
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Just what we fucking need....*eyeroll*
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
^^^i hope it doesn’t pass. There’s already a lot of lobbying from banks. It’ll be a hassle to administer and expensive. We also had that scare with them trying to make us organize into unions. Hopefully this will get taken out of the bill. So far it looks like it won’t pass. We shall see.
https://www.google.com/amp/s/www.wsj...ws-11631727020
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
I read somewhere that it was 10 grand instead of 600 and direct deposits would be exempt? None of it makes any damn sense! Ugh They try to hassle us any way they can.
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Bad policy, that will be expensive to administer. Won't catch as much as it costs.
Z
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Quote:
Originally Posted by
Zofia
Bad policy, that will be expensive to administer. Won't catch as much as it costs.
Z
I have a feeling just like the union idea it won’t pass. LOL. Politicians going against big banks-not likely. Sorry I said I wouldn’t talk politics.
“Your neighbors are not your enemies, and politicians are not your friends” Random person on YouTube
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
^ It's def an interesting conversation piece on here with us ladies :)
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
https://www.google.com/amp/s/www.nbc...2559435/%3famp
Won’t go into effect until next year and they are looking at raising it from $600 to $10,000 annually.
Next year you need to report anything you deposit! I would recommend getting an accountant. Also, if you don’t plan on depositing in a bank you can use an at home safe. Personally, I’d rather have my money in an FDIC insured account and pay taxes than at home where I can get robbed. You all can decide for yourself. Just be smart about it.
The last people you wanna piss off is the IRS.
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Sitting for updates. Thanks Ladies! <3
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
I just read it won’t include cash deposits but from all my research it seems they are figuring out how they will go about this and it’s not finalized and there only talking about 10k/year now the 600 is out but they just passed the infrastructure bill so shouldn’t it be in the print? It will only apply for tax year 2022 and beyond. They are giving irs a lot if funding to go after the rich and they will not up there auditing on families making under 400k or singles making 200k/year, we shall c…
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
Quote:
Originally Posted by
ava$
They are giving irs a lot if funding to go after the rich
To put on the facade of going after the rich. The ones they actually net at best will be the moderately rich… the rich know how to work tax havens, offshore, etc. They know how to play a system that was designed in their favor.
Re: Infrastructure plan includes auditing bank account of any inflow of $600 annually
House passes Build Back Better without IRS reporting language
November 18, 2021
https://news.cuna.org/articles/12018...rting-language