Treasury Department Seeks to Track Financial Transactions of Personal Bank Accounts Over $600

[mr.yuck]

Is this $600 deal for just personal accounts or business accounts as well?

[Mercer]

11 hours ago, ndv said:

 

I am with primeway federal credit union.  

 

I haven't recieved anything from PayPal just, yet.  Was it a petition type thing?  

 

 

Pretty sure they're against having to monitor, and snitch on a local single mom waitress for depositing $600 in tips they don't report. If they push back alone, it's not a big deal, if they can get every one of their customers to push back, it's a much bigger deal.

 

Also, using credit unions are a very good look, especially local credit unions. Unless you're a multimillionaire, I'd never trust any of the larger banks like Chase, HSBC, Bank of America, Wells Fargo, etc. That's why I asked which bank, for a second there, I had a retarded glimmer of hope that a big bank actually cared about their customers.

[Mercer]

11 hours ago, mr.yuck said:

Is this $600 deal for just personal accounts or business accounts as well?

 

It's any financial account. They need your tax ID number because it makes the process of snitching on you for selling something for more than $599.99 much easier to automate for them. 

[ndv]

12 hours ago, nicklesndimes said:

@ndvin the paypal message, they just want compliance with the new $600 guidelines. it's the thing i posted a few posts back.

 

Got ya. That's kinda messed up paypal didn't offer a petition. 

[ndv]

12 hours ago, nicklesndimes said:

not sure. just going to stay off paypal and ebay and hope it goes away lol..

 

Yeah, I am probably not gonna be using PayPal anymore because of this as it should say something because it's pretty sad I will have to stop using PayPal over something so petty as a 600 transaction.  

57 minutes ago, Mercer said:

 

 

Pretty sure they're against having to monitor, and snitch on a local single mom waitress for depositing $600 in tips they don't report. If they push back alone, it's not a big deal, if they can get every one of their customers to push back, it's a much bigger deal.

 

Also, using credit unions are a very good look, especially local credit unions. Unless you're a multimillionaire, I'd never trust any of the larger banks like Chase, HSBC, Bank of America, Wells Fargo, etc. That's why I asked which bank, for a second there, I had a retarded glimmer of hope that a big bank actually cared about their customers.

 

I completely feel the same towards these big banks.  I just do not understand what do these big banks gain from this?  They grease the pockets of the federal reserve and politicians, so what gives.  Its not like I trust them anyways, so why not at least have a petition, because regardless of the outcome, the big banks are gonna share the 600 info with the government behind our backs anyways. 

 

 

[Mercer]

2 hours ago, ndv said:

 

Yeah, I am probably not gonna be using PayPal anymore because of this as it should say something because it's pretty sad I will have to stop using PayPal over something so petty as a 600 transaction.  

 

I completely feel the same towards these big banks.  I just do not understand what do these big banks gain from this?  They grease the pockets of the federal reserve and politicians, so what gives.  Its not like I trust them anyways, so why not at least have a petition, because regardless of the outcome, the big banks are gonna share the 600 info with the government behind our backs anyways. 

 

It's a sort of unintentional class warfare, and monopolistic. First thing to understand is that it's 100% the Biden administration pushing for this, not the banks. The banks don't necessarily want to have to file reports on all their customers, the processing of these reports will take time and money for them to comply with. The only good thing for them is every regulation like this one does help them, by making it harder for a small Federal Credit Union to open up, and compete with the big boys. The less choices you have as a consumer, the more chance they'll be able to charge you a bullshit fee. All these small regulations add up to banks needing a large, experienced legal team just to open up. It's not like they can just provide good customer service. It's not just the banking industry regulations that squeezes out small players from competition, any highly regulated industry has an almost impossible barrier to entry, something the big boys always welcome. Besides, the banks don't really have a choice. Contrary to popular belief if the government says to do something, it doesn't matter how rich you, or how rich a bank is, you have to comply. The alternative is to be thrown in a cage, and have all your property/funds get seized eventually.

[ndv]

23 minutes ago, Mercer said:

 

It's a sort of unintentional class warfare, and monopolistic. First thing to understand is that it's 100% the Biden administration pushing for this, not the banks. The banks don't necessarily want to have to file reports on all their customers, the processing of these reports will take time and money for them to comply with. The only good thing for them is every regulation like this one does help them, by making it harder for a small Federal Credit Union to open up, and compete with the big boys. The less choices you have as a consumer, the more chance they'll be able to charge you a bullshit fee. All these small regulations add up to banks needing a large, experienced legal team just to open up. It's not like they can just provide good customer service. It's not just the banking industry regulations that squeezes out small players from competition, any highly regulated industry has an almost impossible barrier to entry, something the big boys always welcome. Besides, the banks don't really have a choice. Contrary to popular belief if the government says to do something, it doesn't matter how rich you, or how rich a bank is, you have to comply. The alternative is to be thrown in a cage, and have all your property/funds get seized eventually.

 

 

I agree with you.

 

On another note, unfortunately I didn't find the letter I recieved from my bank. I may have accidently tossed it.

[Mercer]

Yea, @ndvI wouldn't post that on here anyway, might inadvertently have an account number or some shit hidden in fine print on there.

[mr.yuck]

Well this fucks the entire reasoning for setting up my company as an S Corp. 

[ndv]

31 minutes ago, mr.yuck said:

Well this fucks the entire reasoning for setting up my company as an S Corp. 

 

Still can.  I know a powder coater, he only accepts 2 forms of payment, cash or check.  Takes the checks to one of those check cashing places.

Edited November 1, 2021 by ndv

[mr.yuck]

10 minutes ago, ndv said:

 

Still can.  I know a powder coater, he only accepts 2 forms of payment, cash or check.  Takes the checks to one of those check cashing places.

Im gonna have to look and see who these checks are drawn from. They usually come from some weird off brand out of state bank.

[Mercer]

All you have to do is hire an accountant and get set up doing quarterly payments. The better the accountant, the better the loophole exploits will go. Expensing everything, etc. That's actually the preferred method for wise individuals. Paying as little tax as possible while building up your net worth. Keeps you well paid, lowers personal spending, and no worries with the IRS. 

[mr.yuck]

9 minutes ago, Mercer said:

All you have to do is hire an accountant and get set up doing quarterly payments. The better the accountant, the better the loophole exploits will go. Expensing everything, etc. That's actually the preferred method for wise individuals. Paying as little tax as possible while building up your net worth. Keeps you well paid, lowers personal spending, and no worries with the IRS. 

Well that was the reason for setting up as an S Corp. I don’t receive 1099s from any of the companies I do work for. They don’t report my income and neither do I. These business to business expenses are the shit. Now I’m about to get fucked on the back end at the bank level. When I was set up as an LLC I was doing like you said and just writing myself off to 0 or as close as possible. 
 

lol. I also learned that if you pull money out of an ATM at a strip club, you can write that shit off as an entertainment expense.

[Mercer]

46 minutes ago, mr.yuck said:

lol. I also learned that if you pull money out of an ATM at a strip club, you can write that shit off as an entertainment expense.

 

Hit a stripclub by the Queensboro in LIC and the ATM fee was $20, and my drunk ass hit it up twice for $40. Ex got pissed when she seen the bank statement, said it wasn't about the money, or having fun at the strip club (she knew I went), it was the stupidity of hitting the ATM twice that pissed her off the most.

[mr.yuck]

Bro the first time I saw one of those transaction fee amounts I almost fainted. I think mine was only $10 though. But still for the time, that fee was over 500% what they usually are.

[mr.yuck]