{"id":117499,"date":"2021-09-13T15:46:06","date_gmt":"2021-09-13T19:46:06","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=117499"},"modified":"2021-09-13T16:08:51","modified_gmt":"2021-09-13T20:08:51","slug":"proposal-if-a-bank-account-has-more-than-600-00-report-its-activity-to-the-government","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=117499","title":{"rendered":"Proposal: If a bank account has more than $600.00, report its activity to the government"},"content":{"rendered":"

\"\"<\/a><\/p>\n

This is the intent of a proposal by the Treasury Department during the spring. Congress is looking to find additional funding sources to pay for the costs of programs that they want to implement. If only they could see cash and other transactions from and to business and personal bank accounts, they could come up with a better way to measure how much tax the tax payer should pay.<\/p>\n

From the Treasury Department document:<\/span><\/p>\n

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.<\/p>\n

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.<\/p>\n

Similar reporting requirements would apply to crypto asset exchanges and custodians.<\/p>\n

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.<\/p>\n

The Secretary would be given broad authority to issue regulations necessary to implement this proposal.<\/p>\n

The proposal would be effective for tax years beginning after December 31, 2022.<\/p><\/blockquote>\n

This proposal may have been published earlier this year; however, some Democrats still consider this a good idea. The entire document is available here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the intent of a proposal by the Treasury Department during the spring. Congress is … Proposal: If a bank account has more than $600.00, report its activity to the government<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[209,220,5],"tags":[],"class_list":["post-117499","post","type-post","status-publish","format-standard","hentry","category-teh-stoopid","category-the-floggings-will-continue-until-morale-improves","category-politics"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/117499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117499"}],"version-history":[{"count":1,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/117499\/revisions"}],"predecessor-version":[{"id":117507,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/117499\/revisions\/117507"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}