- Jul 27, 2004
- 8,749
- 7,864
- 136
I had not heard of this until I got an email from one of the Credit Unions I am a member of. They are asking for people to contact their elected representatives and oppose this. Yea, absolutely, this is insane.
Here is the link http://www.votervoice.net/Shares/BnfBuA9bACscVAk7J1Y7FBA
Based on the address you enter, it will send the message to your representatives.
This is fucking crazy, and will likely trigger audits for all sorts of bullshit reasons, even though completely legitimate.
Last year I had a tree fall on the house. Repairs were covered by insurance, but it went "through" my bank account. I received 10's of thousands of dollars in the form of checks from the insurance company. Then in turn I either wrote checks or paid contractors via echecks. What is some pin head at the IRS when they only see these sums go 'through' my checking account. Sell a house, car, get life insurance payout, etc., etc. Lots of totally legitimate reasons for large sums to pass through your bank. 100% legal, and 100% NOT TAXABLE.
Here is the link http://www.votervoice.net/Shares/BnfBuA9bACscVAk7J1Y7FBA
Based on the address you enter, it will send the message to your representatives.
As Congress considers critical new infrastructure spending, policymakers are eying unconventional sources of revenue to fund their plans.
One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.
This unprecedented access to consumers’ personal financial data raises several alarms.
- This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
- Financial institutions—particularly those in rural and low-income communities—would face unnecessary and expensive regulatory hurdles that could make it untenable to serve those consumers already left behind by Wall Street banks.
- The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.
The Bottom Line:
Don’t jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks.
This is fucking crazy, and will likely trigger audits for all sorts of bullshit reasons, even though completely legitimate.
Last year I had a tree fall on the house. Repairs were covered by insurance, but it went "through" my bank account. I received 10's of thousands of dollars in the form of checks from the insurance company. Then in turn I either wrote checks or paid contractors via echecks. What is some pin head at the IRS when they only see these sums go 'through' my checking account. Sell a house, car, get life insurance payout, etc., etc. Lots of totally legitimate reasons for large sums to pass through your bank. 100% legal, and 100% NOT TAXABLE.
Facebook
Twitter