What You Notice By Looking In The Wrong Place: The SAR Limit [Joe Mannix]

With the new (proposed, at the time of writing) $600 electronic transaction reporting threshold the IRS is planning as a part of new legislation, many have brought up the outrageous assumptions and problems with the scheme: the fact that it’s a panopticon, the fact that it represents an egregious violation of privacy, the fact that it will require gigantic expansions in the federal workforce, etc. It has also, as is perfectly reasonable, brought up the “$10,000 IRS reporting limit” as it exists today, and how it is different from what is being proposed.

That $10,000 limit is called the SAR (Suspicious Activity Report) limit. It was enabled by the Bank Secrecy Act (BSA) in 1970. The purpose of the BSA was to prevent money laundering, and included a lot more than the SAR provisions. It is also the source of various “know your customer” laws and requirements for banks. When the BSA was passed, the SAR was set at $10,000 and it is still, fifty years later, the same $10,000. It requires cash transactions above that limit to be reported to the IRS.

When the comparison between the SAR and the new $600 electronic reporting thresholds started, it got me to thinking: how big is the SAR and more importantly, how big was the SAR? To answer that, we can look in a few dimensions. I chose three of those and something interesting surfaced. For what it is worth, both 1970 and 2020 were recession years.

I chose the FDIC limit, median household income and per-capita GDP.
• FDIC Limit (per FDIC)
◦ 1970: $20,000
◦ 2020: $250,000
• Median household income (per Census Bureau; FRED/St. Louis Fed)
◦ 1970: $9,870
◦ 2020: $67,521
• Per-capita GDP (per FRED/St. Louis Fed)
◦ 1970: $5,233
◦ 2020: $63,285

So, how big is the SAR limit then and now? How big should the SAR limit be if it had kept pace? It’s pretty astounding, and it shows some interesting large economic disconnects of which we’re all intuitively aware.
• SAR limit in terms of FDIC Limit
◦ 1970: 50%
◦ 2020: 4%
▪ The SAR limit, if it kept pace with FDIC limits: $125,000
• SAR limit in terms of median household income
◦ 1970: 101.3%
◦ 2020: 14.8%
▪ The SAR limit, if it had kept pace with median income: $68,410
• SAR limit in terms of per-capita GDP
◦ 1970: 191%
◦ 2020: 15.8%
▪ The SAR limit, if it had kept pace with per-capita GDP: $120,934

So what can we learn from this exercise? First, the SAR limit is laughably small already and it really gives some perspective to $600. It should be, depending on which measure you choose, at least 7x bigger than it is and perhaps as much as 13x bigger than it is (assuming, of course, that you think it should exist at all). The specifics may be interesting, but this isn’t very important because everyone knows it is laughably small and thus dishonest.

More interesting in my mind is what it implies about the wider economy, which I wouldn’t have noticed if not for doing this exercise. The FDIC limit, as it turns out, more or less has kept pace with GDP growth. That is somewhat surprising. Household income has not. Inflation, as we have been lamenting off and on for decades is very real indeed, and we can see it bright as day. You used to be able to take out more than the median income before hitting the limit. Now it is a mere 15%. That’s your inflation, and it’s astounding.

But even more astounding is the direct comparison between median household income and per-capita GDP in same-year nominal terms. In 1970, the median household income was 188.6% of per-capita GDP. In 2020, it was just 106.7%. The overall share of GDP represented by median income has collapsed. This, right here, is your middle-class squeeze - the declining relative income of most households even as the economy has soared for half a century. On average each year, incomes fall against the gross size of the economy. Want your middle-class squeeze? Want your income inequality? Here it is, in all it’s staggering glory. Want to know why (other than social considerations) women were able and then more or less compelled to enter the workforce? Here it is: households needed the money.

This also puts some additional perspective on America’s last gasp from 2017-2019. The Trump era, for the first time in decades, saw median household incomes grow against the wider economy. The middle class and especially the working class started doing materially better for the first time in living memory. And now it is over, and we are back to the original status quo. The only difference is that now it is on steroids.

Posted by: Open Blogger at 03:32 PM

Comments

(Jump to bottom of comments)

1 Yo.

Posted by: antisocial justice beatnik at October 01, 2021 02:33 PM (DTX3h)

2 Yeah keep yer nose outa my biz

Posted by: Zeera Hunkering down here, Boss at October 01, 2021 02:33 PM (vcxYy)

3 Podium?

Posted by: Skip at October 01, 2021 02:34 PM (2JoB8)

4 It's like they don't trust us or sumptin

Posted by: Zeera Hunkering down here, Boss at October 01, 2021 02:34 PM (vcxYy)

5 Hola

Posted by: Thanatopsis at October 01, 2021 02:34 PM (xWMjF)

6 Whatever happened to the tax return on a post card we were promised 4 years ago?

Posted by: Capital Eff at October 01, 2021 02:34 PM (dynG0)

7 Fuck Joe Biden.

Posted by: Xipe Totec at October 01, 2021 02:34 PM (eJn7u)

8 If Marcus T is still here, where do you live? NoVa (please, please)?

Posted by: pep at October 01, 2021 02:34 PM (ZsR3z)

9 Things fall apart, the center cannot hold

Posted by: Mark Andrew Edwards, Failure happens, giving up is a choice at October 01, 2021 02:35 PM (V6f9+)

10 Nice data Joe.
Thanks.

Posted by: Diogenes at October 01, 2021 02:35 PM (axyOa)

11 This looks suspiciously like math.

Posted by: Zombie Robbo the Llama Butcher at October 01, 2021 02:35 PM (dfRN6)

12 Also, good to see Joe M posting these threads

Posted by: Zeera Hunkering down here, Boss at October 01, 2021 02:35 PM (vcxYy)

13 Buy gold whenever you can. Hide it carefully.

Posted by: Capital Eff at October 01, 2021 02:35 PM (dynG0)

14 Right, but if you don't have anything to hide, why would you care?

Posted by: Average American Querying Alexa at October 01, 2021 02:35 PM (QU5/8)

15 This is the Cop Joe not our commenter Joe Mannix not the cop? I'm confused, I'll just read it then figure it out.

Posted by: Skip at October 01, 2021 02:35 PM (2JoB8)

16 As the nic sez, hunker down

Posted by: Zeera Hunkering down here, Boss at October 01, 2021 02:36 PM (vcxYy)

17 Relatedly (I think): What was that gaffe Obama made about teenagers needing to report their baby-sitting money? Was that related to these bank reports?

Posted by: m at October 01, 2021 02:36 PM (6dJKT)

18 Right, but if you don't have anything to hide, why would you care?
Posted by: Average American Querying Alexa at October 01, 2021 02:35 PM (QU5/

++++
Because fuck you, that's why. It's nunya business.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:36 PM (+IIqY)

19 Wait... this isn't about women's boobs?

Posted by: redridinghood at October 01, 2021 02:38 PM (NpAcC)

20 The irs and fib will use this new reporting law to get people for process crimes, it is nothing more nor nothing less than that.

They want the process to be the punishment and they will go after conservatives with this new law.

Posted by: Mister Scott (formerly GWS) at October 01, 2021 02:38 PM (JUOKG)

21 Buy gold whenever you can. Hide it carefully.
--------------------------
I intend to cast mine as 54mm toy soldiers and then paint them if government comes sniffing around PM.

Posted by: andycanuck (UHVv4) at October 01, 2021 02:38 PM (UHVv4)

22 The Bank Secrecy Act stops money laundering?

Bwhahahaha!

Posted by: any Dem spending his book advance at October 01, 2021 02:38 PM (8HIbJ)

23 Yeah, the SAR has been the same through huge inflationary periods and shrinkage of the dollar value, at present its a screw you to little people that those with huge money can bypass and use offshore banking etc to ignore. It should be made much larger, I agree.

Posted by: Christopher R Taylor at October 01, 2021 02:38 PM (KZzsI)

24 Yep. Been the cause of much grumbling for me. Especially since my gross has improved, maybe 15% in 20 years? Which means I've lost ground, massively.

And this is why I'm broke, and pissed.

Posted by: Brother Tim has nothing much to say, lately at October 01, 2021 02:39 PM (OUMaO)

25 We are already a Panopticon with all the tools at the NSA's (and other TLAs) fingers. We know those tools are being abused (just see what was done in FISA courts, at least what we've been allowed to see), and agreements with other countries to spy on our citizens.

Posted by: jim (in Kalifornia) at October 01, 2021 02:39 PM (ynpvh)

26 I don't think you can really call this the status quo, just no account of reversing trends under PDT back to their recent historical trajectory. Things are - much worse than they were.

We're a handful of stupid decisions away from a 21st century re-run of the bronze age collapse.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:39 PM (mYu3n)

27 The feds can't help themselves. They are so far above the law anymore that they create shit like this to fuck with the little people, mostly because they can, and mostly because they're living in fear that they'll not be at the front of the line to collect their graft if things go well for the general population.

Posted by: Martini Farmer at October 01, 2021 02:39 PM (BFigT)

28 This post does not include an attractive young lady who thinks that the IRS should mind its own business.

I am disappoint.

Posted by: RedMindBlueState at October 01, 2021 02:39 PM (m+jkK)

29 They can't (or won't) prevent billions of dollars in fraud via Medicade, Social Security Disability, and Unemployment benefits, but this they can handle?

Posted by: Greyman27 at October 01, 2021 02:40 PM (RKLPC)

30 People are going to take increments of $550.00 out

Posted by: redridinghood at October 01, 2021 02:40 PM (NpAcC)

31
The middle class and especially the working class started doing materially better for the first time in living memory. And now it is over, and we are back to the original status quo. The only difference is that now it is on steroids.

-----

For some reason, when I read that, an image flashed in my mind of Hunter Biden displaying his pointy rotten devil teeth when he was getting his meth mouth upgraded at dentist. Can't explain it.

Posted by: Semi-Literate Thug at October 01, 2021 02:40 PM (2iDSr)

32 That's really interesting.

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:40 PM (YZG/i)

33 And speaking of panopticons, friggin' everyone here needs a non-Gmail/yahoo/hotmail email account, a VPN, and some manner of privacy browser for all of their devices.

It's time - do it. Stop putting it off.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:40 PM (mYu3n)

34 I thought this was insane when I first heard it, even knowing nothing about 1970 reporting guidelines. Then I started wondering how to get around it.

Posted by: NaughtyPine at October 01, 2021 02:41 PM (fxCK2)

35 FIRST!!!!!

Posted by: Sponge - Michael Byrd MURDERED Ashli Babbitt at October 01, 2021 02:41 PM (Zz0t1)

36 14 Right, but if you don't have anything to hide, why would you care?
Posted by: Average American Querying Alexa at October 01, 2021 02:35 PM (QU5/

Fixin' this for you:

rIGht, bUt iF YOu dOnt HaVe anYtHinG To hIDe, wHy wOUld yOu caRe

Posted by: m at October 01, 2021 02:41 PM (6dJKT)

37 People are going to take increments of $550.00 out
Posted by: redridinghood at October 01, 2021 02:40 PM

Structuring transactions, citizen. That's a federal crime.

Posted by: The IRS at October 01, 2021 02:41 PM (m+jkK)

38 It would make me withdraw $600 on Friday and deposit it back on Friday. Every damn week...

Posted by: CSMBigBird at October 01, 2021 02:41 PM (jsWA8)

39 Always glad to see a post from J-Mannix. People paying and using cash are a threat to those who seek to control and monitor all economic activity. $10,000 in cash used to mean "You're up to something." We're rapidly approaching the day when simply paying for anything in cash - in any amount - will carry the stigma that "You're up to something." I'm a fan of cash.

Posted by: Buck Throckmorton at October 01, 2021 02:41 PM (d9Cw3)

40 This post does not include an attractive young lady who thinks that the IRS should mind its own business.

It does now:

https://tinyurl.com/y7f2byxd

Posted by: Mary Poppins' Practically Perfect Piercing at October 01, 2021 02:41 PM (2JVJo)

41 Also note that the focus on reporting cash transactions answers a number of questions on how complete their electronic transaction surveillance is.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:41 PM (mYu3n)

42 My buddy had SARS. Now he's got immunity to the entire Coronavirus protein strain.

Will he get sick? Sure, but he'll recover better and faster than C-19 recovered or vaccinated people.

Oh, you said SAR. Sorry.

Posted by: Sponge - Michael Byrd MURDERED Ashli Babbitt at October 01, 2021 02:42 PM (Zz0t1)

43 Whatever happened to the tax return on a post card we were promised 4 years ago?
Posted by: Capital Eff at October 01, 2021 02:34 PM (dynG0)

Ha, I was just watching a 3rd Rock from the Sun episode this morning where the family was doing their taxes for the first time and wondered that myself.

Posted by: Jordan61 at October 01, 2021 02:42 PM (igSoX)

44 holy shite

Breaking --- Gavin Newsom issues nation's first K-12 Vaccine Mandate for all public and private schools...

Gavin Newsom just announced that California would become the first state to mandate eligible students attending public and private schools be vaccinated against Covidfor in-person instruction.

According to KFI News in Los Angeles, "The governor is directing the California Department of Public Health to add the COVID vaccine to other vaccinations required for in-person learning."

GET OUT

Posted by: artisanal ette at October 01, 2021 02:42 PM (2o90I)

45 No one mention to them that an NFA tax stamp cost $200 way back in 1934. Expressly intended to price law-abiding citizens out of exercising a Constitutional right. Poll tax. Surprised the ATF hasn't tried to "get with the times."

Posted by: Greyman27 at October 01, 2021 02:42 PM (RKLPC)

46 For some reason, when I read that, an image flashed in my mind of Hunter Biden displaying his pointy rotten devil teeth when he was getting his meth mouth upgraded at dentist. Can't explain it.
Posted by: Semi-Literate Thug at October 01, 2021 02:40 PM (2iDSr)
++++
Because it makes visceral sense. I didn't go there, but I understand it immediately.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:42 PM (+IIqY)

47 Why stop at $600? Why not just monitor it all?

Posted by: abbynormal at October 01, 2021 02:43 PM (Xpj5t)

48

post recall

Posted by: artisanal ette at October 01, 2021 02:43 PM (2o90I)

49 It does now:

https://tinyurl.com/y7f2byxd
Posted by: Mary Poppins' Practically Perfect Piercing at October 01, 2021 02:41 PM

Good man.

Posted by: RedMindBlueState at October 01, 2021 02:43 PM (m+jkK)

50 Is it $600 transactions, or accounts holding at least $600?

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:43 PM (YZG/i)

51 30 People are going to take increments of $550.00 out

And those will be flagged as suspicious, too. On some other set of rules or executive orders.

Posted by: m at October 01, 2021 02:43 PM (6dJKT)

52 So you are surprised that the Loan Shark State likes a shrinking middle class?

Posted by: Puddin Head at October 01, 2021 02:44 PM (xSnmX)

53 Always glad to see a post from J-Mannix. People paying and using cash are a threat to those who seek to control and monitor all economic activity. $10,000 in cash used to mean "You're up to something." We're rapidly approaching the day when simply paying for anything in cash - in any amount - will carry the stigma that "You're up to something." I'm a fan of cash.
Posted by: Buck Throckmorton at October 01, 2021 02:41 PM (d9Cw3)
++++
Thanks! And me too. In person, I am a cash business. I use cash exclusively other than gasoline (I get a big credit card rebate on it, but I always *can* use cash if I need or want to).

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:44 PM (+IIqY)

54 The government, ruled by a group of bureaucrats who have never held a real job or started a business, is moving quickly toward a cashless society. They are doing this so that, in their mistaken belief, they can control the economy and track money they don't have access to right now.

What they don't know is that once people don't have the ability to make independent, private deals using cash or a series of untraceable transactions, the economy as we know it will cease to exist. Only two groups will come out of such a scenario - the connected elite and the poor.

Posted by: jwest at October 01, 2021 02:44 PM (/BlEx)

55 Banks already rat on us. Remember B of A informed the Feds which of their credit card users were in DC on Jan. 6.

Posted by: delurking one more once at October 01, 2021 02:44 PM (aAP3z)

56 Can we use bitcoin? How?

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:45 PM (YZG/i)

57 $600 is easily spent on a cheap electronic device, table equipment, a week grocery is over $150

Posted by: Skip at October 01, 2021 02:45 PM (2JoB8)

58 Is it $600 transactions, or accounts holding at least $600?
Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:43 PM (YZG/i)
++++
It's ambiguous. The initial framing in most articles as electronic transactions exceeding $600. Today, some stuff started coming up that it might be *all* transactions involving accounts who's balances exceed $600. The latter is far worse if true.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:45 PM (+IIqY)

59 I was told there would be no math on this blog.

Posted by: alexthechick - boobs and hysteria at October 01, 2021 02:45 PM (mf5HN)

60 they chose $600 to check who is buying guns

Posted by: Lemmiwinks at October 01, 2021 02:46 PM (h1jJh)

61 Banks already rat on us. Remember B of A informed the Feds which of their credit card users were in DC on Jan. 6.
Posted by: delurking one more once at October 01, 2021 02:44 PM (aAP3z)
++++
Yes. Privacy isn't exactly good now. This, though, would be worse. This would be preemptive data collection of essentially everything, aggregated by the government and used for whatever nefarious purposes suit their fancy.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:46 PM (+IIqY)

62 Posted by: alexthechick - boobs and hysteria at October 01, 2021 02:45 PM (mf5HN)

**smishes AtC**

Posted by: Mary Poppins' Practically Perfect Piercing at October 01, 2021 02:47 PM (2JVJo)

63 "50 Is it $600 transactions, or accounts holding at least $600?
Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:43 PM (YZG/i)"

"yes"

It's basically full surveillance of almost everything.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:47 PM (mYu3n)

64 Remember in The Two Towers, where King Theoden is possessed by Saruman and he's old and hoary and immobile.
That's the economy under Biden

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:48 PM (YZG/i)

65 Not to be "that guy", but ...

The 10k limit is the Currency Transaction Report CTR.
The SAR is filed for transactions under 10k that are "suspicious" or that look like structuring (i.e. depositing $9,999, etc.)

In terms of "attention" you will receive, a SAR gets you higher up on the list than a CTR.

Posted by: Chuck C at October 01, 2021 02:48 PM (EughT)

66 59 I was told there would be no math on this blog.
Posted by: alexthechick - boobs and hysteria at October 01, 2021 02:45 PM (mf5HN)

It was a little tiny lie. He was hoping not to scare you away.

Posted by: m at October 01, 2021 02:48 PM (6dJKT)

67 THIS SARS IS FUNNY BECAUSE THE LEFT ACCUSED TRUMP OF ENACTING THE HANDMAIDEN'S TALE BUT ARE ACTUALLY DOING THE CASHLESS PART THEMSELVES.

Posted by: BEN ROTHSLINGER at October 01, 2021 02:48 PM (DibdT)

68 they chose $600 to check who is buying guns
Posted by: Lemmiwinks at October 01, 2021 02:46 PM (h1jJh)
++++
I don't think so. They already know that (what, you think they're actually purging the NICS databases like they're legally required to do?).

I think this is about finding the "gig" economy and all of its variants. $600 is the 1099 reporting limit. People doing odd jobs, selling at flea markets, running an eBay store or transacting on Facebook or craigslist, etc. I suspect the actual motivation is to find those people and hit them for tax evasion and vacuum up revenue from a shit-ton of small players who dodge it today. The guy doing odd jobs, the baby sitter, the small knickknack dealer, etc. I think they're the target.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:48 PM (+IIqY)

69 The problem I see is that a transfer between my checking and saving accounts would be an electronic transaction. The credit card company turns my check into an electronic payment; that could trip the wire, too.

Posted by: NaughtyPine at October 01, 2021 02:49 PM (fxCK2)

70 In terms of "attention" you will receive, a SAR gets you higher up on the list than a CTR.
Posted by: Chuck C at October 01, 2021 02:48 PM (EughT)
++++
Thank you for the clarification, and apologies for the mistake. Everything I read used them essentially interchangeably. I appreciate the correction.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:49 PM (+IIqY)

71 HHS whistleblower put on administrative leave after Project Veritas video

Posted by: artisanal ette at October 01, 2021 02:49 PM (2o90I)

72 What exactly will be comsidered "structuring".

Now its a bunch of slightly less than $10,000 transfers.
If I pay for a parking spot at $500 a month. In just a few months, I'll be guilty of structuring.

Posted by: SMOD at October 01, 2021 02:49 PM (RHGPo)

73 The guy doing odd jobs, the baby sitter, the small knickknack dealer, etc. I think they're the target.
Posted by: Joe Mannix

We've gotta pay for those millions streaming across the border somehow.

Posted by: abbynormal at October 01, 2021 02:50 PM (Xpj5t)

74 The problem I see is that a transfer between my checking and saving accounts would be an electronic transaction. The credit card company turns my check into an electronic payment; that could trip the wire, too.
Posted by: NaughtyPine at October 01, 2021 02:49 PM (fxCK2)
++++
Yup. Checks are electronic transactions now, too. Check21 implemented electronic check clearance.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:50 PM (+IIqY)

75 With the new (proposed, at the time of writing) $600 electronic transaction reporting threshold the IRS is planning as a part of new legislation, many have brought up the outrageous assumptions and problems with the scheme:

What does this do to the marijuana business since they can't use banks anyway? How does the IRS track that? And a cashless society? How does that work for the marijuana business?

Posted by: rickb223 at October 01, 2021 02:50 PM (OCTRt)

76 Goof G-D, he walks like a senile old man with a load in his pants

Posted by: Nevergiveup at October 01, 2021 02:50 PM (GPwVZ)

77 Minor quibble: women were not forced to enter the workforce. Rather, easy credit coupled with, "you can have it all, because you are a two income family!" was a bill of goods sold to the Amercan public. Then, horrified by plummeting savings rates, "gotta make that revolving credit payment!" Government decided to double down on financial stupidity and make it so the average American invested trillions in the Wall Street casino.

Posted by: Blake - semi lurker at large at October 01, 2021 02:50 PM (fbBPX)

78 How will this affect all of those check cashing/payday loans store fronts at the local mall? What are all of the illegal foreign nationals supposed to do now?

Posted by: Dr. Bone at October 01, 2021 02:50 PM (h020H)

79 I guess gig workers need to keep their cash under the mattress

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:50 PM (YZG/i)

80 What does this do to the marijuana business since they can't use banks anyway? How does the IRS track that? And a cashless society? How does that work for the marijuana business?
Posted by: rickb223 at October 01, 2021 02:50 PM (OCTRt)
++++
It doesn't Pot will be formally legalized or sacrificed.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:50 PM (+IIqY)

81 The guy doing odd jobs, the baby sitter, the small knickknack dealer, etc. I think they're the target.
Posted by: Joe Mannix

We've gotta pay for those millions streaming across the border somehow.
Posted by: abbynormal at October 01, 2021 02:50 PM

They're at the stage of rummaging under the nation's sofa cushions looking for loose change.

Posted by: RedMindBlueState at October 01, 2021 02:51 PM (m+jkK)

82 I don't think it is a coincidence that $600 is the threshold for 1099 reporting. If you make enough to involve the IRS, they want to track it.

Posted by: G. Gnome will not comply at October 01, 2021 02:51 PM (OQcPl)

83 Are they gonna now charge $600 for a hand job downtown?

Posted by: Nevergiveup at October 01, 2021 02:51 PM (GPwVZ)

84 Okay, minor quibble turned into ,"old guy yelling at clouds" rant.

Posted by: Blake - semi lurker at large at October 01, 2021 02:51 PM (fbBPX)

85 I suggest that all Congresscritters get an annual IRS audit, with the results made public.

Posted by: SMOD at October 01, 2021 02:51 PM (RHGPo)

86
If the IRS actually goes ahead and monitors a multitude of small bank transactions, a multitude of false allegations of financial crime will be generated.

From what I can see, many IRS employees barely understand their jobs. Rush-hiring an army of new workers to staff this program will only make iit worse.

The federal government is already freezing/confiscating bank accounts after repeated transactions under $10,000 under the made-up
rule that the reporting limit is being evaded. This will be even worse.

The thing is, Senile Joe doesn't originate anything -- this $600 thing has to be from some large group that's been ruminating about it for years. And it will only apply to peons -- more dual track legal system -- they're daring us to revolt.

Posted by: Semi-Literate Thug at October 01, 2021 02:51 PM (2iDSr)

87 Minor quibble: women were not forced to enter the workforce. Rather, easy credit coupled with, "you can have it all, because you are a two income family!" was a bill of goods sold to the Amercan public. Then, horrified by plummeting savings rates, "gotta make that revolving credit payment!" Government decided to double down on financial stupidity and make it so the average American invested trillions in the Wall Street casino.
Posted by: Blake - semi lurker at large at October 01, 2021 02:50 PM (fbBPX)
++++
Forced by circumstances to enter the workforce. And collapsing savings and soaring debt are part and parcel of inflation. It is not the only answer - the phenomenon is hugely multi-faceted and a lot of factors aren't economic or financial at all - but I think it is a big part of it.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:52 PM (+IIqY)

88 Structuring transactions, citizen. That's a federal crime.

Posted by: The IRS at October 01, 2021 02:41 PM (m+jkK)

Informing people about structuring transactions is also a federal crime.

Posted by: Next Agency Higher Up the Chain at October 01, 2021 02:52 PM (7bRMQ)

89 68 they chose $600 to check who is buying guns
Posted by: Lemmiwinks at October 01, 2021 02:46 PM (h1jJh)
++++
I don't think so. They already know that (what, you think they're actually purging the NICS databases like they're legally required to do?).

---

I was talking about sales between neighbors and friends that dont necessarily go through the "database"

Posted by: Lemmiwinks at October 01, 2021 02:52 PM (h1jJh)

90 Good post, Joe. But it could use more hot chicks.

Posted by: flounder at October 01, 2021 02:52 PM (KnJdm)

91 By the numbers in the appendices of the Presidential Budget Proposals in the early 2000's (the last time I looked at this), income transfers of all types SSI, Medicare, and the "traditional" welfares amounted to ~100% of all federal tax revenues.

I wonder how much if any of the fall in median incomes is related to increases in welfare transfers (assuming that such transfers did in fact increase over time).

Posted by: Tar Bae at October 01, 2021 02:52 PM (hbrUW)

92 Better yet, an annual IRS audit for all non-profits that don't help the public with less than 80% of their revenue.

Posted by: SMOD at October 01, 2021 02:52 PM (RHGPo)

93 Are they gonna now charge $600 for a hand job downtown?

Posted by: Nevergiveup at October 01, 2021 02:51 PM (GPwVZ)

-----

With the current rate of inflation, that'll be next Tuesday.

Posted by: Blake - semi lurker at large at October 01, 2021 02:53 PM (fbBPX)

94 Related topic, part of China's banning of much crypto activity is about their lack of direct control over it, some is about power and hardware consumption...

But mostly it's to help usher in their new state issued digital currency. The west is taking notes and is already moving to follow.

Some of the awful features of state digital currencies : expiration dates - you have to use it or lose it. They can set and alter these on the fly to control economic activity; much easier to control than theft via printing and inflation. Total end to end tracking of currency - no anonymous transactions ever, of any kind. Much greater ability to nuke specific people's balances on demand or isolate regions and businesses. As far as the totalitarians are concerned, it might as well be magic.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:53 PM (mYu3n)

95

Breaking --- Gavin Newsom issues nation's first K-12 Vaccine Mandate for all public and private schools...
Gavin Newsom just announced that California would become the first state to mandate eligible students attending public and private schools be vaccinated against Covidfor in-person instruction.

GET OUT
Posted by: artisanal ette at October 01, 2021 02:42 PM (2o90
***********
We know that California is a cheat machine, but it was pitiful the amount of Republicans that voted for Trump, but stayed home for the governor's race.
And kids attending private schools aren't exempt.

Posted by: redridinghood at October 01, 2021 02:53 PM (NpAcC)

96 I think if we knew the cash going over the border sent by illegals we would be astounded.

Posted by: Skip at October 01, 2021 02:53 PM (2JoB8)

97 ... From what I can see, many IRS employees barely understand their jobs. Rush-hiring an army of new workers to staff this program will only make iit worse. ...
Posted by: Semi-Literate Thug at October 01, 2021 02:51 PM (2iDSr)
++++
No human is going to be very involved in that stuff. This is going to be a titanic quantity of data. It's going to be algorithmic for the most part, then exceptions kicked to inspectors, then enforcement kicked to the banks or shock troops. The error rate will be very high. They won't care.

And I strongly suspect most of the new IRS agents envisioned for this scheme - north of 70,000 - will be of the jack boot variety rather than the green visor variety.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:54 PM (+IIqY)

98 #96 of course the Leftist IRS won't care about those piles of $600.

Posted by: Skip at October 01, 2021 02:54 PM (2JoB8)

99 37 People are going to take increments of $550.00 out
Posted by: redridinghood at October 01, 2021 02:40 PM

Structuring transactions, citizen. That's a federal crime.

Posted by: The IRS at October 01, 2021 02:41 PM (m+jkK)

Yup. There are cases of this that have been in the news over the past few years. One mom and pop business made deposits less than $10K to the bank because their insurance company would not cover cash losses greater than that. The Gov't went after them for structuring.

Posted by: jim (in Kalifornia) at October 01, 2021 02:54 PM (ynpvh)

100 Gavin Newsom just announced that California would become the first state to mandate eligible students attending public and private schools be vaccinated against Covidfor in-person instruction.

So will there be an exception for all the illegals now flooding across the border? (hint: yes) You have to wonder if even that would be enough to wake up the LIV's and Dem voters to what is going on (i.e. replacement)

Posted by: Ripley at October 01, 2021 02:55 PM (MxEKc)

101 Heh. Kavanaugh has the covids. At least tested +, so 50/50 chance.

Posted by: Guy Mohawk at October 01, 2021 02:55 PM (r5BVk)

102 98 #96 of course the Leftist IRS won't care about those piles of $600.

Posted by: Skip at October 01, 2021 02:54 PM (2JoB

Pallets of money to IRAN: A-Okay!
Recuring deposits of $600: WE MUST INVESTIGATE!

Posted by: jim (in Kalifornia) at October 01, 2021 02:55 PM (ynpvh)

103 I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.

Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

104 From what I can see, many IRS employees barely understand their jobs. Rush-hiring an army of new workers to staff this program will only make iit worse.

I went through company audits and I was shocked how little they knew. Which can be good or bad. Good if you can steer them where you want them.

Bad if they decide you are the enemy. Stupid people can also be the most vicious.

Posted by: abbynormal at October 01, 2021 02:56 PM (Xpj5t)

105 103 I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.
Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

Amazing how that works.

Posted by: Aetius451AD Work Laptop at October 01, 2021 02:56 PM (yOf1t)

106 Man, you people are like a dog with a bone - but thankfully, I have it on good authority that this pretty brunette with a nice smile who is dressed for summer also thinks that the new IRS scheme is unconscionable:
https://is.gd/dCRO5S

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:56 PM (+IIqY)

107 100 Gavin Newsom just announced that California would become the first state to mandate eligible students attending public and private schools be vaccinated against Covidfor in-person instruction.

So will there be an exception for all the illegals now flooding across the border? (hint: yes) You have to wonder if even that would be enough to wake up the LIV's and Dem voters to what is going on (i.e. replacement)

Posted by: Ripley at October 01, 2021 02:55 PM (MxEKc)

If they're doing this to "protect" the teachers, why not force the teachers to be vaxxed? Teachers are adults, and many are over 50 with comorbidities.
Yeah, I know; this is about power.

Posted by: jim (in Kalifornia) at October 01, 2021 02:57 PM (ynpvh)

108 If its true that the reconciling package costs $0, why do we need any legislation. We can start now because $0 today will leave $0 tomorrow to carry on with the Building Back Better of America at a cost of $0. And thru the magic of compounded interest, $0 today will still be $0 tomorrow. Isn't that truly amazing ? This program could go on forever without any money from anybody.

Posted by: SMOD at October 01, 2021 02:57 PM (RHGPo)

109 Stupid people can also be the most vicious.
Posted by: abbynormal at October 01, 2021 02:56 PM (Xpj5t)

People who think they are smart are almost always MORE vicious.

Posted by: Aetius451AD Work Laptop at October 01, 2021 02:57 PM (yOf1t)

110 They want the process to be the punishment and they will go after conservatives with this new law.
Posted by: Mister Scott (formerly GWS) at October 01, 2021 02:38 PM (JUOKG)

Which means the GOPe are all for it, I suppose.

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 02:57 PM (hlxe7)

111 we were talking cash earlier. Need I draw a sign?

Posted by: quint at October 01, 2021 02:58 PM (EadwG)

112
(what, you think they're actually purging the NICS databases like they're legally required to do?).

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:48 PM (+IIqY)

BATFEIEIO was already caught several times for failing to purge NICS over the past 20 years or so.

Posted by: IllTemperedCur at October 01, 2021 02:58 PM (n+4am)

113 Growing the bureaucracy is the goal, more government union workers paying the Democrats to keep them employed. No one cares how much work they do or don't do.

Posted by: Skip at October 01, 2021 02:58 PM (2JoB8)

114 Patriot, if we controlled the Speaker's gavel, these onerous attacks on our freedoms would never see the light of day, much less receive a vote on the House floor.

We cannot win this without your help.

- Your GOPe Betters

(Full disclosure: part of that was plagiarized in its entirety from an unwanted text I received today)

Posted by: Curly Shuffle at October 01, 2021 02:58 PM (TNyrE)

115 Next up: IRS training programs for Afghanis and Haitians.

Posted by: wth at October 01, 2021 02:58 PM (v0R5T)

116 (Full disclosure: part of that was plagiarized in its entirety from an unwanted text I received today)
Posted by: Curly Shuffle at October 01, 2021 02:58 PM (TNyrE)
++++
Did you reply with LOLGF?

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:59 PM (+IIqY)

117 Like how the income tax only applied to the super rich when enacted.

And the AMT same.

Or that the Nostromo was imagined to cost $42 million in 1979 ($146 million in 2021 dollars)

Posted by: Lrrr at October 01, 2021 02:59 PM (kcykj)

118 they chose $600 to check who is buying guns
Posted by: Lemmiwinks

I don't think so. They already know that (what, you think they're actually purging the NICS databases like they're legally required to do?)

I was talking about sales between neighbors and friends that dont necessarily go through the "database"
Posted by: Lemmiwinks

You can pay me $200 a month until the $700 gun is paid off.

Posted by: rickb223 at October 01, 2021 02:59 PM (OCTRt)

119 What they don't know is that once people don't have the ability to make independent, private deals using cash or a series of untraceable transactions, the economy as we know it will cease to exist. Only two groups will come out of such a scenario - the connected elite and the poor.

French Revolution it is, then

Posted by: Methos at October 01, 2021 02:59 PM (kOpft)

120 If they enact this reporting limit, we will see a dramatic growth in a black market economy.

They will not like the unpredicted results of this move.

Because with a black market economy comes an attitude of law breaking. And Government disrespect. yeah we already do but this is also disrespect directly of the so called elite and they will be angry and take other steps to rein it in which will do even more for a national split than anything so far.

Posted by: jakee308 at October 01, 2021 02:59 PM (ACz8/)

121 Buy gold whenever you can. Hide it carefully.
Posted by: Capital Eff at October 01, 2021 02:35 PM (dynG0)

I even like the smell of gold.

Posted by: William Devane at October 01, 2021 02:59 PM (v0R5T)

122 Well, I'm gonna get me some Quiznos sandwiches, while it's still legal to eat meat.

Posted by: qdpsteve at October 01, 2021 02:59 PM (L2ZTs)

123 "96 I think if we knew the cash going over the border sent by illegals we would be astounded.
Posted by: Skip at October 01, 2021 02:53 PM (2JoB

"

Most of that is on payrolls w/ withholding taken out, but the IRS doesn't have to pay out refundable tax credits or tax returns. Illegals are an underclass that doesn't have to be bought with tax credit handout; their social services usage costs money, but that helps expand the fedgov so it's seen as a positive.

Posted by: somedood - skull mountain sherpa at October 01, 2021 02:59 PM (mYu3n)

124 103 I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.

Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

And those damed fluorescent bulbs keep going out on FASTER than the incandescents. the LED bulbs die out after a year or two. And break a fluorescent bulb? Well, that dust there is TOXIC.
EPA says: evac the room for at least 10 min, shut off heating/air (to not disturb), wipe up and put dust/glass in a SEALED container. Tossing it is anther matter (at least legally) in CA; can't put in in the trash...

Posted by: jim (in Kalifornia) at October 01, 2021 03:00 PM (ynpvh)

125 >>Gavin Newsom just announced that California ...

wants even more people and businesses to leave.

Posted by: garrett at October 01, 2021 03:00 PM (Fo6R/)

126 Define household. That's what always gets me. I think that what constitutes a "household" is not the same in 2020 as in 1970.

As in:
number of wage-earners in household?
number of adults in household?
number of persons in household?

For example, single-person households were just 16% of all US households in 1969. By 2019 it was up to 28%. That is, in 1969 only 1 out of 7 households were a single person. Now, 1 out of 4 are.
(Yes I'm hinting at those icky "social values" issues that Wall St Republicans hate so much. The problem of household income isn't just due to wage stagnation. It's also due to the fact that, with the atomizing of the American family, there are so many, many more households to count. The denominator of the equation has changed. )

Posted by: Hands at October 01, 2021 03:00 PM (786Ro)

127 What they don't know is that once people don't have the ability to make independent, private deals using cash or a series of untraceable transactions, the economy as we know it will cease to exist. Only two groups will come out of such a scenario - the connected elite and the poor.

French Revolution it is, then
Posted by: Methos at October 01, 2021 02:59 PM (kOpft)
++++
Oh, don't forget the third option: the black market (or, as they call it, the "informal economy"). The black market always grows when they limit the legal market. Sometimes this is an acceptable tradeoff. If you go too far, the black market matches or exceeds the formal market.

And major growth also becomes impossible to achieve.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:01 PM (+IIqY)

128
Joe Huffman's Jews In The Attic Test is always relevant.

http://www.joehuffman.org/Freedom/JewsInTheAttic.htm

Posted by: IllTemperedCur at October 01, 2021 03:01 PM (n+4am)

129 "Because with a black market economy comes an attitude of law breaking. And Government disrespect. yeah we already do but this is also disrespect directly of the so called elite and they will be angry and take other steps to rein it in which will do even more for a national split than anything so far.
Posted by: jakee308 at October 01, 2021 02:59 PM (ACz8/)"

Oh come on, I know most of you are on the up and up but who really gives a fuck about the law anymore?

Feel free to imagine me flapping my arms around and using tard-speak whenever I saw "the lawww". Because i am.

Posted by: somedood - skull mountain sherpa at October 01, 2021 03:01 PM (mYu3n)

130 It's ambiguous. The initial framing in most articles as electronic transactions exceeding $600. Today, some stuff started coming up that it might be *all* transactions involving accounts who's balances exceed $600. The latter is far worse if true.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:45 PM (+IIqY)

If that's the case, what's even the point of the reporting? How the hell is that going to be sifted through?

Or is the point to have all the information on all accounts and then it can be pulled as needed.

Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:01 PM (mf5HN)

131 112 BATFEIEIO
Posted by: IllTemperedCur at October 01, 2021 02:58 PM (n+4am)

Got me! I was carefully sounding that out: Bu-reau-of-Al-co-hol-To-bac-co-and-Firearms.
e i, e i, o

Posted by: m at October 01, 2021 03:02 PM (6dJKT)

132 BATFEIEIO was already caught several times for failing to purge NICS over the past 20 years or so.

And every time a court says "Now y'all be good boys and follow the law" they say "Oh yes, we will" and then nothing changes and nothing happens.

Posted by: Oddbob at October 01, 2021 03:02 PM (nfrXX)

133 121 Buy gold whenever you can. Hide it carefully.
Posted by: Capital Eff at October 01, 2021 02:35 PM (dynG0)

I even like the smell of gold.

Posted by: William Devane at October 01, 2021 02:59 PM (v0R5T)

But don't eat it. That there's some expensive shit.

Posted by: jim (in Kalifornia) at October 01, 2021 03:02 PM (ynpvh)

134 The "black" market is the original, free market.

Posted by: delurking one more once at October 01, 2021 03:02 PM (aAP3z)

135 >>Or is the point to have all the information on all accounts and then it can be pulled as needed.

This. Basically, your Audit is always ocurring and the prosecution of said will now become a Push-Button operation.

Posted by: garrett at October 01, 2021 03:03 PM (Fo6R/)

136 90 Good post, Joe. But it could use more hot chicks.
Posted by: flounder at October 01, 2021 02:52 PM (KnJdm)

Really. Like it would have killed him to put in a little T&A.

Posted by: jwest at October 01, 2021 03:03 PM (/BlEx)

137 Crypto is looking much better than a bank or any particular currency. Ain't It?

Posted by: Puddin Head at October 01, 2021 03:03 PM (xSnmX)

138 Well, duh if I sold something for $800, I am not putting $800 in the bank. Stupid is as stupid does.

Posted by: Guy Mohawk at October 01, 2021 03:03 PM (r5BVk)

139 Man, you people are like a dog with a bone - but thankfully, I have it on good authority that this pretty brunette with a nice smile who is dressed for summer also thinks that the new IRS scheme is unconscionable:
https://is.gd/dCRO5S
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:56 PM (+IIqY)

Nice. Pretty and looks wholesome. I approve.

Posted by: Mary Poppins' Practically Perfect Piercing at October 01, 2021 03:03 PM (2JVJo)

140 >>Man, you people are like a dog with a bone - but thankfully, I have it on good authority that this pretty brunette with a nice smile who is dressed for summer also thinks that the new IRS scheme is unconscionable:
https://is.gd/dCRO5S

I think she has an ear infection.

Posted by: garrett at October 01, 2021 03:04 PM (Fo6R/)

141 Define household. That's what always gets me. I think that what constitutes a "household" is not the same in 2020 as in 1970. ...
Posted by: Hands at October 01, 2021 03:00 PM (786Ro)
++++
The earnings of any person in a household (e.g., living together) over the age of 15, related or not, contributes to household income. If you and your wife earn $50k together and the kids are under 15, your household income is $50k. Married or not, related or not, whatever. If you and your roommate pool expenses together and pay through a common pot, that could also be considered a household depending on how the survey is conducted. The measure and definition, however, are fairly stable over time.

Household income generally is defined as the total gross income before taxes, received within a 12-month period by all members of a household above a specified age (the Census Bureau specifies age 15 and older).

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:04 PM (+IIqY)

142 Posted by: Hands at October 01, 2021 03:00 PM

Sowell had a good analysis of the household income metric in Basic Economics. Upper income households having more wage earners, etc. Individual income was increasing, but changing household composition made it appear stagnant.

Posted by: RedMindBlueState at October 01, 2021 03:05 PM (m+jkK)

143 Or is the point to have all the information on all accounts and then it can be pulled as needed.
Posted by: alexthechick

You are guilty when we need you to be.

Posted by: rickb223 at October 01, 2021 03:05 PM (OCTRt)

144 But don't eat it. That there's some expensive shit.

Posted by: jim (in Kalifornia) at October 01, 2021 03:02 PM (ynpvh)

it will be fine. They say there is as much gold in the world as has every been minted or discovered. It simply doesn't go away.

Posted by: quint at October 01, 2021 03:05 PM (EadwG)

145 I have it on good authority that this pretty brunette with a nice smile who is dressed for summer also thinks that the new IRS scheme is unconscionable:
https://is.gd/dCRO5S
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:56 PM (+IIqY)
........

somehow, I don't think she's ever going to need to worry about money.

Posted by: wth at October 01, 2021 03:05 PM (v0R5T)

146 When the government expands its reach, it has nothing to do with the law, or the economy, or any of that. It is to consolidate power unto itself.

They want the $600 limit because they want to punish certain behaviors. Buying guns, for example.

Posted by: BeckoningChasm at October 01, 2021 03:05 PM (v9pBv)

147 Breaking: FBI Arrests Retired Green Beret Jeremy Brown for Attending Jan. 6 Protests and Standing Outside Capitol - AFTER HE REFUSED TO BE THEIR INFORMANT

https://tinyurl.com/y5y2dkrp

Posted by: SMH - The War has been won, only the battles remain, as usual at October 01, 2021 03:05 PM (hBjG3)

148
I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.

Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

When that happened, there were people selling 100W bulbs as "100W spot heater elements" on fleabay.

Posted by: IllTemperedCur at October 01, 2021 03:05 PM (n+4am)

149 I even like the smell of gold.
Posted by: William Devane at October 01, 2021 02:59 PM (v0R5T)

All my life I have been in love with its color, its brilliance, its divine heaviness. I welcome any enterprise that will increase my stock - which is considerable.

Posted by: Auric Goldfinger at October 01, 2021 03:06 PM (2JVJo)

150 Or is the point to have all the information on all accounts and then it can be pulled as needed.
Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:01 PM (mf5HN)
++++
That's a big part of it, I'm sure. But no one is going to sift through it. Software is going to sift through it, look for exception patterns, and kick it upstairs to an investigator. If they want you specifically, they'll pull you out manually for investigation (just like with the NSA databases).

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:06 PM (+IIqY)

151 So in 1970 a $10K SAR was the equivalent of buying 3-4 automobiles. Now it is the equivalent of half of one economy model. Soon it will be the equivalent of gassing up your RV with premium.

Posted by: G'rump928(c) at October 01, 2021 03:06 PM (yQpMk)

152 If Breaking Bad and Ozark have taught me anything, it's that large piles of cash are useless if not laundered.

Posted by: Bacon Jeff at October 01, 2021 03:07 PM (VGRuw)

153 I'll admit to being dense but aren't they encouraging people to switch to cash with this rule? Oh the IRS is monitoring my Venmo now ready to ding me if I skip reporting a stay from a repeat customer that didn't go through VRBO or AirBnB? Well I guess I need to ask them for cash and then use that cash at WallyWorld or to pay my shade tree mechanic.

Posted by: paleRider at October 01, 2021 03:07 PM (pxVvf)

154 That's a big part of it, I'm sure. But no one is going to sift through it. Software is going to sift through it, look for exception patterns, and kick it upstairs to an investigator. If they want you specifically, they'll pull you out manually for investigation (just like with the NSA databases).
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:06 PM (+IIqY)

How would reporting even work? Every financial institution doing a dump at the end of the day from all accounts?

*smishes MP4*

Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:07 PM (mf5HN)

155 Is it $600 transactions, or accounts holding at least $600?

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 02:43
----------------------

Heard CongressCritter Billy Long on local radio this morning. He said he had 3 letters from banking institutions saying it was accounts holding $600 account balance.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:08 PM (ju2Fy)

156 148 I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.
Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

When that happened, there were people selling 100W bulbs as "100W spot heater elements" on fleabay.
Posted by: IllTemperedCur at October 01, 2021 03:05 PM (n+4am)

'merica.

Posted by: m at October 01, 2021 03:08 PM (6dJKT)

157 And those damed fluorescent bulbs keep going out on FASTER than the incandescents.

I am slightly proud of never having bought a twisty fluorescent bulb. I laid in a stock of incandescents that I figured would last me until LEDs got cheap, which happened much faster than I imagined. I think I left a couple dozen 60w incandescents on the garage shelf when we moved a few months ago.

Posted by: Oddbob at October 01, 2021 03:08 PM (nfrXX)

158 Meh. It's still $20, same as in town.

Posted by: Duncanthrax at October 01, 2021 03:08 PM (O6+Lj)

159 I'll admit to being dense but aren't they encouraging people to switch to cash with this rule? Oh the IRS is monitoring my Venmo now ready to ding me if I skip reporting a stay from a repeat customer that didn't go through VRBO or AirBnB? Well I guess I need to ask them for cash and then use that cash at WallyWorld or to pay my shade tree mechanic.
Posted by: paleRider at October 01, 2021 03:07 PM (pxVvf)
++++
It will be an effect. Your withdrawals may still be tracked - that is unclear to me - but your spending wouldn't be. I am surprised they're willing to risk a run on the banks with this, but I think it is a risk.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:08 PM (+IIqY)

160 When the average Joe Biden finds out about this I don't think they're going to be too happy

Posted by: redridinghood at October 01, 2021 03:08 PM (NpAcC)

161 I have it on good authority that this pretty brunette with a nice smile who is dressed for summer also thinks that the new IRS scheme is unconscionable:
https://is.gd/dCRO5S
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 02:56 PM (+IIqY)
........

Lovely smile.

Posted by: Brother Northernlurker just another guy at October 01, 2021 03:09 PM (2LRzv)

162 I remember when 100 watt incandescent bulbs were banned.
All of a sudden 95 watt bulbs appeared on the shelves.

Posted by: delurking one more once at October 01, 2021 02:55 PM (aAP3z)

Ha, you are structuring deposits to avoid the limit which is also a crime.

Posted by: IRS at October 01, 2021 03:09 PM (EpDzw)

163 Next they'll mandate Alexas in all of our houses. For our convenience, of course.

Posted by: abbynormal at October 01, 2021 03:09 PM (Xpj5t)

164 153 I'll admit to being dense but aren't they encouraging people to switch to cash with this rule? Oh the IRS is monitoring my Venmo now ready to ding me if I skip reporting a stay from a repeat customer that didn't go through VRBO or AirBnB? Well I guess I need to ask them for cash and then use that cash at WallyWorld or to pay my shade tree mechanic.
Posted by: paleRider at October 01, 2021 03:07 PM (pxVvf)

Perhaps they will remove cash from circulation.

Posted by: m at October 01, 2021 03:09 PM (6dJKT)

165 Joe Biden voter

Posted by: redridinghood at October 01, 2021 03:09 PM (NpAcC)

166 Eventually when they have thousands ( 10s) and see they are feeding useless mouths the work camps will start.

Posted by: Skip at October 01, 2021 03:10 PM (2JoB8)

167 87,000 extra IRS agents can do a lot of damage.

Posted by: redridinghood at October 01, 2021 03:10 PM (NpAcC)

168 How would reporting even work? Every financial institution doing a dump at the end of the day from all accounts?

*smishes MP4*
Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:07 PM (mf5HN)
++++
Probably, yes. A data interchange format will be specified by the rule and the banks will upload transaction data in massive batches at the end of every day. This is essentially how electronic Federal Reserve clearance works today (though this would involve a *lot* more data), how credit card clearance works, etc. Nightly batch is commonplace, even inside the individual banks' systems. The difference is that now transaction batches will also be sent directly to the IRS.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:10 PM (+IIqY)

169 Perhaps the IRS should work through its backlog of tax returns before taking on additional work, hmmmm?

Posted by: No One of Consequence at October 01, 2021 03:11 PM (CAJOC)

170 Perhaps they will remove cash from circulation.
Posted by: m at October 01, 2021 03:09 PM (6dJKT)

Russian and North Korean counterfeits are nearly as good as gold.

I think that Iran has actual $100 mint printing plates that we sent them under the Shah.

Posted by: G'rump928(c) at October 01, 2021 03:11 PM (yQpMk)

171 $600 is easily spent on a cheap electronic device, table equipment, a week grocery is over $150
Posted by: Skip at October 01, 2021 02:45 PM (2JoB

As someone has pointed out correctly in another thread somewhere, $600 is the IRS reportable 1099 payment requirement that no one actually follows. This order, if it does come to fruition, a big if...would solve the non-compliant nature of the 1099 rule.

But the IRS would never have enough agents to dig through all of these $600 payments given the 200M plus US commercial bank account owners, so its really only for tax payers, mostly 1099 contractors, who are already on their radar, that is who they are eager to track down and have been unable to do so...oh they'll branch out afterwards if this isn't struck down, but for now, if you are a 1099 contractor and this goes thru, you might be seeing IRS Agent Joey Snidely at your doorstep soonish...

Posted by: Boswell at October 01, 2021 03:11 PM (5iUNf)

172 The $600 transaction reporting is a step toward outlawing cash. These people want all monetary transactions to be electronic, because they think citizens are somehow evading taxes with cash. Electronic makes things easier to track and tax.

Posted by: Blake - semi lurker at large at October 01, 2021 03:12 PM (fbBPX)

173 I was told there would be no math on this blog.
Posted by: alexthechick - boobs and hysteria at October 01, 2021 02:45 PM

There isn't.

My word as a Biden.

Posted by: Joseph Robinette Biden at October 01, 2021 03:12 PM (O6+Lj)

174 Children of coller will nots have houseing and food if they does not pass this bill today. Presdent Bium is there twoday tell these idiot Republitards this!!@

Posted by: Mary Cloginstien from Brattleboro, VT at October 01, 2021 03:12 PM (6QJnV)

175 "153 I'll admit to being dense but aren't they encouraging people to switch to cash with this rule? Oh the IRS is monitoring my Venmo now ready to ding me if I skip reporting a stay from a repeat customer that didn't go through VRBO or AirBnB? Well I guess I need to ask them for cash and then use that cash at WallyWorld or to pay my shade tree mechanic.
Posted by: paleRider at October 01, 2021 03:07 PM (pxVvf)"

The cash ban is almost certainly all planned out already.

Posted by: somedood - skull mountain sherpa at October 01, 2021 03:12 PM (mYu3n)

176 Software is going to sift through it, look for exception patterns, and kick it upstairs to an investigator. If they want you specifically, they'll pull you out manually for investigation (just like with the NSA databases).
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:06 PM

Actually:
Software is going to sift through it, look for political donations to the wrong party, and kick it upstairs to an investigator.

Posted by: Chuck C at October 01, 2021 03:13 PM (EughT)

177 The IRS doesn't audit rich people as a rule because their returns are too complicated. I really doubt if these 87,000 new agents will be going after the rich.

Posted by: abbynormal at October 01, 2021 03:13 PM (Xpj5t)

178 So is this how Joe creates jobs? Bloating the federal government beyond all reason? $600? Is this fucking 1873?

I'm interested to see what all these money transfer sites have to say (PP, cashapp etc.). $600 is literally pocket change, or it will be by 2023. Fuck them all.

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:13 PM (wAnMi)

179 Good post, Joe Mannix!

Posted by: m at October 01, 2021 03:13 PM (6dJKT)

180 Actually:
Software is going to sift through it, look for political donations to the wrong party, and kick it upstairs to an investigator.
Posted by: Chuck C at October 01, 2021 03:13 PM (EughT)
++++
That is one of the exceptions they'll program in, to be sure.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:13 PM (+IIqY)

181 It won't surprise me when they continue to only raise the tax brackets by 1-2% (or stop raising them altogether) per year as we start getting 5-10% inflation over the next few years.
They'll probably also cut down the SAR limit from $10k to 5k or 2k in the next few years like they've done in Australia and parts of Europe.

Posted by: Surfperch at October 01, 2021 03:14 PM (/4vtq)

182 147 Breaking: FBI Arrests Retired Green Beret Jeremy Brown for Attending Jan. 6 Protests and Standing Outside Capitol - AFTER HE REFUSED TO BE THEIR INFORMANT

https://tinyurl.com/y5y2dkrp

Posted by: SMH - The War has been won, only the battles remain, as usual at October 01, 2021 03:05 PM (hBjG3)

They do political violence because they want to incite political violence. And the MSM is silent because they are co-conspirators.

Posted by: jim (in Kalifornia) at October 01, 2021 03:14 PM (ynpvh)

183 When the average Joe Biden finds out about this I don't think they're going to be too happy
Posted by: redridinghood at October 01, 2021 03:08 PM (NpAcC)
.......

It's Trumps fault!

Posted by: average Joe Biden Voter at October 01, 2021 03:14 PM (v0R5T)

184 The IRS doesn't audit rich people as a rule because their returns are too complicated. I really doubt if these 87,000 new agents will be going after the rich.
Posted by: abbynormal at October 01, 2021 03:13 PM (Xpj5t)
++++
Yeah, that is one of the things about this that is so laughable. Yellen said that this was a system to catch high-net-worth people getting rich in the informal and skating on taxes or otherwise cheating on taxes.

Gimmie a break.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:14 PM (+IIqY)

185 Also, good to see Joe M posting these threads
Posted by: Zeera Hunkering down here, Boss

Yeah, but he didn't put up any links to attractive young women.
Do better, Joe.

Posted by: Bozo Conservative...Living on the Prison Planet at October 01, 2021 03:14 PM (vcOmj)

186 Remember, this is all to keep track of spending by millionaires and billionaires.

Which most of us will be after a couple years of Biden inflation.

Posted by: Ripley at October 01, 2021 03:15 PM (MxEKc)

187 182 147 Breaking: FBI Arrests Retired Green Beret Jeremy Brown for Attending Jan. 6 Protests and Standing Outside Capitol - AFTER HE REFUSED TO BE THEIR INFORMANT

https://tinyurl.com/y5y2dkrp

Posted by: SMH - The War has been won, only the battles remain, as usual at October 01, 2021 03:05 PM (hBjG3)

They do political violence because they want to incite political violence. And the MSM is silent because they are co-conspirators.

I guess this also means then being an FIB or IRS or ATF snitch is now mandatory, or go to jail?

Posted by: jim (in Kalifornia) at October 01, 2021 03:15 PM (ynpvh)

188 @44

Good. Let all those black, Hispanic and white wine box drinking phuckers who voted against the recall pony up.

And all the teachers also. .

Glad mine are done.

Posted by: Steve_in_SoCal at October 01, 2021 03:15 PM (Qmg6E)

189 They've got Bon Jovi at the pub. I don't care for male singers with high voices.

Posted by: Brother Northernlurker just another guy at October 01, 2021 03:15 PM (2LRzv)

190 If you want to have a real concern about your bank accounts, be aware that the banks report balances at periods to the IRS and this information is shared with the states that are in a MOU with the IRS.

This information is used to generate bank garnishments for back taxes.

This means nothing to the taxpayer unless the taxpayer is delinquent on tax payments, and the taxing authority has determined there is no other method of collecting on delinquent taxes besides a bank garnishment -- Ideally

However if you moved and forgot to tell the income tax people or you left the state and have no in state income to be found, or your crackhead neighbors steal all your official mail and you didn't get the letters about the debt, then you are boned.

Posted by: Kindltot at October 01, 2021 03:15 PM (KbLYZ)

191 These turds are just begging for problems.

Posted by: SOMEASSHOLESTOLEMYPEN at October 01, 2021 03:16 PM (ytSiK)

192 It will be an effect. Your withdrawals may still be tracked - that is unclear to me - but your spending wouldn't be. I am surprised they're willing to risk a run on the banks with this, but I think it is a risk.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:08 PM (+IIqY)

There's a big sign up at the local used book/electronics/music place that notes that they are required to ask for ID for all cash payments to sellers. Not even cash is private.

Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:16 PM (mf5HN)

193 I can already hear the leftists saying well if you aren't doing anything wrong you don't have to worry. Just like the people the soviets sent to the gulags screaming I didn't do anything wrong.

Posted by: Guy Mohawk at October 01, 2021 03:16 PM (r5BVk)

194 174 Children of coller will nots have houseing and food if they does not pass this bill today. Presdent Bium is there twoday tell these idiot Republitards this!!@
Posted by: Mary Cloginstien from Brattleboro, VT at October 01, 2021 03:12 PM (6QJnV)

with your excellnce grasp of englsh you have promizing futer in email markting! Pleased to remit $1000 fir coarse broshur and remain blessed!

Posted by: Omar, Prince of Nigeria at October 01, 2021 03:16 PM (VGRuw)

195 However if you moved and forgot to tell the income tax people or you left the state and have no in state income to be found, or your crackhead neighbors steal all your official mail and you didn't get the letters about the debt, then you are boned.
Posted by: Kindltot at October 01, 2021 03:15 PM (KbLYZ)
++++
Absolutely everyone should have cash on hand, ideally three months' expenses. Your emergency fund should be in your safe.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:17 PM (+IIqY)

196
172 The $600 transaction reporting is a step toward outlawing cash. These people want all monetary transactions to be electronic, because they think citizens are somehow evading taxes with cash. Electronic makes things easier to track and tax.
Posted by: Blake - semi lurker at large at October 01, 2021 03:12 PM (fbBPX)

-----

I suspect that a large part of the motivation for a cashless economy is also controlling the average peons in a social credit system. You step out of line, you can't buy things.

Posted by: Semi-Literate Thug at October 01, 2021 03:17 PM (2iDSr)

197 158 Meh. It's still $20, same as in town.

Posted by: Duncanthrax at October 01, 2021 03:08 PM (O6+Lj)

The new lower limit--IRS

Posted by: jim (in Kalifornia) at October 01, 2021 03:17 PM (ynpvh)

198

I posted this before, but even currency exchanges like xe.com are requiring facial recognition now. Asking to upload a picture of yourself. They have always warned you of limits when using them. They tell you if you are sending an amount that will flag you. Now it will be worse.

Posted by: artisanal ette at October 01, 2021 03:17 PM (2o90I)

199 Anyone looking for a job. My CFO quit 2 weeks ago and her assistant that did the yeoman's work quit today. Good pay. Smoker friendly.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:17 PM (ju2Fy)

200 The IRS doesn't audit rich people as a rule because their returns are too complicated. I really doubt if these 87,000 new agents will be going after the rich.
Posted by: abbynormal at October 01, 2021 03:13 PM (Xpj5t)

At least by personal experience, the IRS audits you as a form of punishment. They have some dim ass auditor who's bitter AF after working at the DMV for 30 years, and they've got nothing but time. They're not looking for anything, they're there to make you jump through hoops. Over and over. In my case, after they went as far back as they could (first starting with just 2 years) and 6 months of misery, they owed me money. The whole "pay more so they leave you alone" thing doesn't necessarily work.

Just do NOT claim political charitable donations. EVER. At least, for those morons who frequent these hallowed halls.

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:17 PM (wAnMi)

201 There's a big sign up at the local used book/electronics/music place that notes that they are required to ask for ID for all cash payments to sellers. Not even cash is private.
Posted by: alexthechick - boobs and hysteria at October 01, 2021 03:16 PM (mf5HN)
++++
"Required?" Required by whom?

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:17 PM (+IIqY)

202 "The IRS doesn't audit rich people as a rule because their returns are too complicated."

That is by design. The "estate planners" and CPAs know how to hide the $ because their democrat pols wrote the laws accordingly.

Posted by: delurking one more once at October 01, 2021 03:17 PM (aAP3z)

203 Your emergency fund should be in your safe.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:17 PM (+IIqY)

In a can in your yard one pace east of the garden gnome.

Posted by: G'rump928(c) at October 01, 2021 03:18 PM (yQpMk)

204 Household income, or any income, is itself, a meaningless number. It's what you can get for your $. Every so often things come into existence that didn't exist before, and these are practical game-changers. The Titans of Industry of the 19th century's Gilded Age (the tycoons, moguls, magnates, etc.), for all their millions, when millions meant something, couldn't buy penicillin. Cars didn't exist and then over the next few decades, they became functional vehicles that changed life. Telephones, indoor climate control and plumbing, radio, television, internet, etc., it's all about making life easier, more comfortable, and if you want, more productive.

Posted by: SFGoth at October 01, 2021 03:18 PM (KAi1n)

205 $600 will be my weekly grocery bill next year if this keeps up.

Posted by: wth at October 01, 2021 03:18 PM (v0R5T)

206 The $600 limit will soon trigger reporting on a trip to the grocery store, at the rate that inflation is galloping now.

Posted by: cool breeze at October 01, 2021 03:18 PM (UGKMd)

207 172 The $600 transaction reporting is a step toward outlawing cash. These people want all monetary transactions to be electronic, because they think citizens are somehow evading taxes with cash. Electronic makes things easier to track and tax.

Posted by: Blake - semi lurker at large at October 01, 2021 03:12 PM (fbBPX)

Well, in terms of illegal activites, it's Bitcoin and cash, or bartering.

Posted by: jim (in Kalifornia) at October 01, 2021 03:18 PM (ynpvh)

208 $600 is my earnings from Ebay during a slow month. Having that be the minimum threshold for taxes is like having homeless guys pay taxes on the quarters they find in the change slots of vending machines.

Posted by: Surfperch at October 01, 2021 03:19 PM (/4vtq)

209 Excellent piece, Joe Mannix. And sobering. Looks like I need to step up my imprecatory prayers.

Posted by: bluebell at October 01, 2021 03:19 PM (wyw4S)

210 My bank has a web page that has a button to press for "confirm your income".
You dumb shits, I have direct deposit...

Posted by: delurking one more once at October 01, 2021 03:19 PM (aAP3z)

211 "Breaking: FBI Arrests Retired Green Beret Jeremy Brown for Attending Jan. 6 Protests and Standing Outside Capitol - AFTER HE REFUSED TO BE THEIR INFORMANT

They sent 20 FBI vehicles to storm his house. And they were filled agents were 99% good, patriotic Americans

Posted by: Ripley at October 01, 2021 03:19 PM (MxEKc)

212 Breaking --- Gavin Newsom issues nation's first K-12 Vaccine Mandate for all public and private schools...
Gavin Newsom just announced that California would become the first state to mandate eligible students attending public and private schools be vaccinated against Covidfor in-person instruction.

This isn't news. It is 100% predictable. I really don't care anymore about Californians. They want totalitarianism? They want to killed by The Party? They want to become worthless chattel slaves to The Party?

Obviously so. Go ahead and commit suicide. I'm done caring about people who have given up on life.

Posted by: Reuben Hick at October 01, 2021 03:19 PM (+LCoQ)

213 47 Why stop at $600? Why not just monitor it all?
Posted by: abbynormal at October 01, 2021 02:43 PM (Xpj5t)

They very likely ARE doing that already; they just need to hire more spies at our expense.

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 03:19 PM (hlxe7)

214 Your emergency fund should be in your safe.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:17 PM (+IIqY)

In a can in your yard one pace east of the garden gnome.
Posted by: G'rump928(c) at October 01, 2021 03:18 PM (yQpMk)
.......

You'll have to bury it when Fauci is not looking.

Posted by: wth at October 01, 2021 03:20 PM (v0R5T)

215 I posted this before, but even currency exchanges like xe.com are requiring facial recognition now. Asking to upload a picture of yourself. They have always warned you of limits when using them. They tell you if you are sending an amount that will flag you. Now it will be worse.
Posted by: artisanal ette

Time to shave my dog's ass and put sunglasses on it and take a photo.

Posted by: rickb223 at October 01, 2021 03:20 PM (OCTRt)

216 Time to shave my dog's ass and put sunglasses on it and take a photo.
Posted by: rickb223 at October 01, 2021 03:20 PM (OCTRt)
++++
Uhh, Rick? The goal should to be to use something that *doesn't* look like you...

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:21 PM (+IIqY)

217 Pablo Cruise in the sidebar!

We used to listen to that in the big ass 1978 cougar with our heads poking through the sunroof while mom was speeding down the highway singing at the top of our lungs.

Heh.

Posted by: nurse ratched at October 01, 2021 03:21 PM (qlUBr)

218 imprecatory prayers.

Posted by: bluebell at October 01, 2021 03:19
--------------------

Had to look that up. Hmm.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:21 PM (ju2Fy)

219 203 Your emergency fund should be in your safe.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:17 PM (+IIqY)

In a can in your yard one pace east of the garden gnome.

Posted by: G'rump928(c) at October 01, 2021 03:18 PM (yQpMk)

Wish you had told me. I moved that little bugger last month...

Posted by: jim (in Kalifornia) at October 01, 2021 03:21 PM (ynpvh)

220 drug dealers hardest hit

Posted by: REDACTED at October 01, 2021 03:22 PM (us2H3)

221 I guess this also means then being an FIB or IRS or ATF snitch is now mandatory, or go to jail?
Posted by: jim (in Kalifornia) at October 01, 2021 03:15 PM (ynpvh)

It really isn't Communist to do this, the Okhrana did it first for the Czars.

Posted by: Kindltot at October 01, 2021 03:22 PM (KbLYZ)

222
Or that the Nostromo was imagined to cost $42 million in 1979 ($146 million in 2021 dollars)

Posted by: Lrrr at October 01, 2021 02:59 PM

You can fcukin' bill me
-Ripley

(not our Ripley, the one from the movie)

Posted by: AltonJackson at October 01, 2021 03:23 PM (DUIap)

223 Uhh, Rick? The goal should to be to use something that *doesn't* look like you...
Posted by: Joe Mannix

Ouch.

Posted by: rickb223 at October 01, 2021 03:23 PM (OCTRt)

224 $10,000 in one transaction! Don't you know that $5000 is above the SAR limit! Anyone who's spending $1000 in a single transaction is very likely a criminal, you only need $500 in cash if you're buy drugs or something. It's perfectly legally to make $100 transactions in cash like that, but we're going to have to put you on our special list every time you spend $50 to make sure you are using those $10 for nefarious purposes.

Posted by: The IRS at October 01, 2021 03:23 PM (/4vtq)

225 suspect that a large part of the motivation for a cashless economy is also controlling the average peons in a social credit system. You step out of line, you can't buy things.

Posted by: Semi-Literate Thug at October 01, 2021 03:17

-----

Good grief, no matter how disturbing a scenario I come up with, there's an even more plausible and disturbing scenario.

But yeah, need to set up that whole "causing only those with the appropriate mark to be able to buy and sell" thing.

Posted by: Blake - semi lurker at large at October 01, 2021 03:23 PM (fbBPX)

226 In a can in your yard one pace east of the garden gnome.
Posted by: G'rump928(c) at October 01, 2021 03:18 PM (yQpMk)
-------

*cough* Where do you live again, exactly?

Posted by: bluebell at October 01, 2021 03:23 PM (wyw4S)

227 I don't care for male singers with high voices.

Fuck you, pal.

Posted by: Slim Whitman at October 01, 2021 03:23 PM (2JVJo)

228 205
$600 will be my weekly grocery bill next year if this keeps up.
Posted by: wth at October 01, 2021 03:18 PM (v0R5T)

206
The $600 limit will soon trigger reporting on a trip to the grocery store, at the rate that inflation is galloping now.
Posted by: cool breeze at October 01, 2021 03:18 PM (UGKMd)
.........

rumors of a horde mind are disinformation

Posted by: wth at October 01, 2021 03:23 PM (v0R5T)

229 Ouch.
Posted by: rickb223 at October 01, 2021 03:23 PM (OCTRt)
++++
All in good fun. I realized I should have maybe sarc'd that after I posted it. Apolgies.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:24 PM (+IIqY)

230 Thought this was cool

anti facial recognition makeup
I wonder if it works

Warning FB link

https://tinyurl.com/2hzjsjdt

Posted by: vmom stabby stabby stabby stabamillion (oEn12) at October 01, 2021 03:24 PM (YZG/i)

231 224 $10,000 in one transaction! Don't you know that $5000 is above the SAR limit! Anyone who's spending $1000 in a single transaction is very likely a criminal, you only need $500 in cash if you're buy drugs or something. It's perfectly legally to make $100 transactions in cash like that, but we're going to have to put you on our special list every time you spend $50 to make sure you are using those $10 for nefarious purposes.

Posted by: The IRS at October 01, 2021 03:23 PM (/4vtq)

So if I write a $10K check to the IRS, I'm guilty of structuring?

Posted by: jim (in Kalifornia) at October 01, 2021 03:24 PM (ynpvh)

232 So if I write a $10K check to the IRS, I'm guilty of structuring?
Posted by: jim (in Kalifornia) at October 01, 2021 03:24 PM (ynpvh)
++++
No. Checks have a paper trail by definition, so there is little risk of money laundering. The $10k threshold is for cash withdrawals and deposits.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:25 PM (+IIqY)

233 Related to this, the "WTF Happened in 1971?" meme that Snowden has been pushing.

https://wtfhappenedin1971.com/

Look at those graphs. The answer is that Nixon fucked us by "temporarily" suspending tying the US dollar to gold, and it's never been un-suspended since. Everything from inflation to racial disparities went haywire starting that year.

Posted by: Ian S. at October 01, 2021 03:25 PM (y+iNp)

234 Well, there is the chance for CA people to stand for freedom, just stop sending their kids to school en masse. If that happened the policy would change. But I bet they will bend over and risk their kids health reaction to the vax.

Posted by: Guy Mohawk at October 01, 2021 03:25 PM (r5BVk)

235 71 HHS whistleblower put on administrative leave after Project Veritas video
Posted by: artisanal ette at October 01, 2021 02:49 PM (2o90I)

Will probably end up dead like the homeland security whistleblower and that other one (I forget the details, wife reported him missing when he didn't return from fishing trip or something and miraculously, they found him with a bullet in the head or something.)

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 03:25 PM (hlxe7)

236 This proposed $600 reporting limit only makes sense if somebody had in mind complete totalitarian control of the money supply. The Biden administration has nominated a Marxist educated person to head the OCC who, if I read things correctly, wants to nationalize the banking system and move everything to a digital currency. At that point enforcing equity requires but a few lines of computer code. Toss in a Social Credit system, destabilizing open borders and shifting the energy generation from a distributed fossil fuel system to a centralized electrical system (with guaranteed shortages) and you have yourself the making of a Fascist police state. It all sounds nuts but at the same time all this is happening. Sort of like somebody has a plan.

Posted by: LostInSpace at October 01, 2021 03:25 PM (ESLBo)

237 All in good fun. I realized I should have maybe sarc'd that after I posted it. Apolgies.
Posted by: Joe Mannix

I knew it was. All good.

Posted by: rickb223 at October 01, 2021 03:25 PM (OCTRt)

238 Company wouldn't let me buy the computer. Oh well. Hopefully new company doesn't block the HQ.

Posted by: TheJamesMadison's Phone, read some movie thoughts at October 01, 2021 03:25 PM (bHkI4)

239 Had to look that up. Hmm.
Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:21 PM (ju2Fy)
------

I don't get super specific, I just ask God to stop Joe Biden and Nancy Pelosi by whatever means He desires. I leave the details to Him but I'd be good with volcano, earthquake, SMOD, whatever.

Posted by: bluebell at October 01, 2021 03:25 PM (wyw4S)

240 Ace.

Yet another reason for a National Divorce.

https://tinyurl.com/99s64wxx

School boards ask biden to review threats and violence as possible domestic terrorism

Posted by: Dr Evil, formerly Loki, looking to water the Tree of Liberty with my F-15 and nukes at October 01, 2021 03:26 PM (iU5mj)

241 Just do NOT claim political charitable donations. EVER. At least, for those morons who frequent these hallowed halls.
Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:17 PM (wAnMi)

Just don't go over flag limits...your tax filer must keep up with the flag limits on every deduction - it changes over time, but the pros know what they are. 1099 contractors, the ones who this intended $600 audit level is meant for, not W2 workers and rich folks, need to know and understand what deductions won't set off the hounds of the IRS...and large charitable contributions outside the normal parameters as a % of your income is going to set it off...

Posted by: Boswell at October 01, 2021 03:26 PM (5iUNf)

242 When I moved from NY to CO, my bank, let's just say they are a key member of the banking industry, assured me that I was being old-fashioned in being concerned that there were any physical locations near my new home, but they did have a couple of locations that would be nearby.

A year after moving, while visiting a branch, a bank officer told me I qualified for a higher-yield savings account and I could open it right then and transfer my entire savings into it. "But don't I have to do that in increments less than 10k?" I asked. "Oh, no, you're just moving your own money from one account to another within the same bank, that doesn't apply" was the response. Guess what. A week later the Feds threatened to seize ALL my accounts and ALL my cards if I didn't get a "signature card" on file within 10 days.

I rushed down to my branch and got that done, but if I had had to do it by mail without a local branch to handle immediately I would have been screwed.

Posted by: Guy Smiley at October 01, 2021 03:26 PM (Bmy3R)

243 232 So if I write a $10K check to the IRS, I'm guilty of structuring?
Posted by: jim (in Kalifornia) at October 01, 2021 03:24 PM (ynpvh)
++++
No. Checks have a paper trail by definition, so there is little risk of money laundering. The $10k threshold is for cash withdrawals and deposits.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:25 PM (+IIqY)

So check okay, but dropping off 1,000,000 pennies to the IRS would be structuring.

Posted by: jim (in Kalifornia) at October 01, 2021 03:26 PM (ynpvh)

244 Even sticking with a $10,000 limit is a greater intrusion into your business than it was in 1970. $10,000 in 1970 dollars is $53,316.88 in 2021 dollars.

Posted by: Strick at October 01, 2021 03:26 PM (Gl0wZ)

245 Well, there is the chance for CA people to stand for freedom...

I think I've spotted the flaw in your plan.

Posted by: Oddbob at October 01, 2021 03:27 PM (nfrXX)

246 The IRS doesn't audit rich people as a rule because their returns are too complicated. I really doubt if these 87,000 new agents will be going after the rich.
Posted by: abbynormal

Yeah, that is one of the things about this that is so laughable. Yellen said that this was a system to catch high-net-worth people getting rich in the informal and skating on taxes or otherwise cheating on taxes.
Gimmie a break.
Posted by: Joe Mannix

I recall a few years ago that Warren Buffett made an offhand comment that they were still litigating his 2004 returns. Whatever that means.

Posted by: Bozo Conservative...Living on the Prison Planet at October 01, 2021 03:27 PM (vcOmj)

247 College Fix is starting a database to keep track of college rights abuses:

https://www.thecollegefix.com/cancel-culture-database/

Posted by: squid_hunt at October 01, 2021 03:27 PM (7MBHe)

248 $600 ?!? That's less than an ounce of good bud at the legal weed store!

Posted by: Mary Cloggenstein from Brattleboro, VT at October 01, 2021 03:27 PM (UGKMd)

249 96 I think if we knew the cash going over the border sent by illegals we would be astounded.
Posted by: Skip at October 01, 2021 02:53 PM (2JoB

Isn't there more US currency outside of the country than inside? Especially of the larger denominations?

Posted by: Satai Daleen at October 01, 2021 03:27 PM (qyH+l)

250 241 Just do NOT claim political charitable donations. EVER. At least, for those morons who frequent these hallowed halls.
Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:17 PM (wAnMi)

Just don't go over flag limits...your tax filer must keep up with the flag limits on every deduction - it changes over time, but the pros know what they are. 1099 contractors, the ones who this intended $600 audit level is meant for, not W2 workers and rich folks, need to know and understand what deductions won't set off the hounds of the IRS...and large charitable contributions outside the normal parameters as a % of your income is going to set it off...

Posted by: Boswell at October 01, 2021 03:26 PM (5iUNf)

Flag limits are like limbo contests...they keep lowering the bar.

Posted by: jim (in Kalifornia) at October 01, 2021 03:27 PM (ynpvh)

251 I imagine there will be a lot of people buying and selling very high priced baseball cards on ebay.

Posted by: Reuben Hick at October 01, 2021 03:28 PM (+LCoQ)

252 Pablo Cruise in the sidebar!

We used to listen to that in the big ass 1978 cougar with our heads poking through the sunroof while mom was speeding down the highway singing at the top of our lungs.

Heh.
Posted by: nurse ratched at October 01, 2021 03:21 PM (qlUBr)

It's been coming up in my Spotify playlist. I'm going for nostalgia tunes now since the future (and present) looks bleak.

Posted by: InCali at October 01, 2021 03:28 PM (jZOLv)

253 224 $10,000 in one transaction! Don't you know that $5000 is above the SAR limit! Anyone who's spending $1000 in a single transaction is very likely a criminal, you only need $500 in cash if you're buy drugs or something. It's perfectly legally to make $100 transactions in cash like that, but we're going to have to put you on our special list every time you spend $50 to make sure you are using those $10 for nefarious purposes.
Posted by: The IRS at October 01, 2021 03:23 PM (/4vtq)

wow

Posted by: m at October 01, 2021 03:28 PM (6dJKT)

254 "Permission to come aboard"?

Either Biden thought that was a joke or his meds need adjustment again.

https://tinyurl.com/5dfxvp77

Posted by: Thrawn at October 01, 2021 03:29 PM (5aFbR)

255 202 "The IRS doesn't audit rich people as a rule because their returns are too complicated."

That is by design. The "estate planners" and CPAs know how to hide the $ because their democrat pols wrote the laws accordingly.
Posted by: delurking one more once at October 01, 2021 03:17 PM (aAP3z)

If you're an executive and a large accounting firm does your company's taxes and or audit, you get your personal and family tax prep done at no extra cost. PwC, Deloitte....etc have ex irs agents as partners and lower level employees will go in and out of the irs to enhance their connections. It's pretty sickening.

Posted by: Mishdog at October 01, 2021 03:29 PM (cqAUI)

256 So check okay, but dropping off 1,000,000 pennies to the IRS would be structuring.
Posted by: jim (in Kalifornia) at October 01, 2021 03:26 PM (ynpvh)
++++
That's an even $10,000, so it's a straight report.

Dropping off 250k pennies, and then 300k pennies, and then 150k pennies, and then 200k pennies and then 100k pennies, though, in different transactions, in order to avoid the $10k threshold would be "structuring."

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:29 PM (+IIqY)

257 The problem with hoarding cash is that is the dumbest thing to do during inflationary periods, such as the one we are in right now.
You have to convert it to things that hold value, or consumables.

Posted by: delurking one more once at October 01, 2021 03:29 PM (aAP3z)

258 The $600 limit will soon trigger reporting on a trip to the grocery store, at the rate that inflation is galloping now.
Posted by: cool breeze at October 01, 2021 03:18 PM (UGKMd)

I'd bet that 1:4 people at costco manage that, if one of my stock-up sessions for just me easily hits $200.

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:29 PM (wAnMi)

259 Well, there is the chance for CA people to stand for freedom, just stop sending their kids to school en masse. If that happened the policy would change. But I bet they will bend over and risk their kids health reaction to the vax.
Posted by: Guy Mohawk

I currently am the only person I know in the Bay Area who doesnt wear a mask. My kids wont get the vaccine. I intend to keep sending them there until they physically stop me.

Posted by: Dr Evil, formerly Loki, looking to water the Tree of Liberty with my F-15 and nukes at October 01, 2021 03:29 PM (iU5mj)

260 The IRS doesn't audit rich people as a rule because their returns are too complicated. I really doubt if these 87,000 new agents will be going after the rich.

You can absolutely be certain that these agents aren't accountants.

Universities are cranking out Commissars, not accountants.

Posted by: Reuben Hick at October 01, 2021 03:29 PM (+LCoQ)

261 Anyone looking for a job. My CFO quit 2 weeks ago and her assistant that did the yeoman's work quit today. Good pay. Smoker friendly.
Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021

***
Where are you located?

Posted by: Wolfus Aurelius at October 01, 2021 03:30 PM (/XOcP)

262 Should add that my bank f'd up the first "signature card" and I had to rush out of work again and back down to the branch again a second time and yell at a manager (and that is not my style) to get it done.

Posted by: Guy Smiley at October 01, 2021 03:30 PM (Bmy3R)

263 Isn't there more US currency outside of the country than inside? Especially of the larger denominations?
Posted by: Satai Daleen

Isn't it every $20 bill has traces of cocaine on it? Or is it hundreds?

Posted by: rickb223 at October 01, 2021 03:30 PM (OCTRt)

264 There's always Bigger Data.

Posted by: DaveA at October 01, 2021 03:30 PM (FhXTo)

265 So if I write a $10K check to the IRS, I'm guilty of structuring?
Posted by: jim (in Kalifornia) at October 01, 2021 03:24 PM (ynpvh)
++++
No. Checks have a paper trail by definition, so there is little risk of money laundering. The $10k threshold is for cash withdrawals and deposits.
Posted by: Joe Mannix

As mentioned, with inflation the $600 reporting threshold with be 'covered' by grocery purchases.
What they are really after is every transaction so they can tax it.
They will tax *every* traced transaction so bartering and a huge black market will come into existence here.
Welcome to the 3rd world...

Posted by: AZ deplorable moron at October 01, 2021 03:31 PM (lqSZn)

266 Anyone looking for a job. My CFO quit 2 weeks ago and her assistant that did the yeoman's work quit today. Good pay. Smoker friendly.
Posted by: olddog in mo,

Where are you located?
Posted by: Wolfus Aurelius

Just a guess? Missouri.

Posted by: rickb223 at October 01, 2021 03:31 PM (OCTRt)

267 258 The $600 limit will soon trigger reporting on a trip to the grocery store, at the rate that inflation is galloping now.
Posted by: cool breeze at October 01, 2021 03:18 PM (UGKMd)

I'd bet that 1:4 people at costco manage that, if one of my stock-up sessions for just me easily hits $200.

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:29 PM (wAnMi)

Only when my wife shops...:/

Posted by: jim (in Kalifornia) at October 01, 2021 03:32 PM (ynpvh)

268 I imagine there will be a lot of people buying and selling very high priced baseball cards on ebay.
Posted by: Reuben Hick at October 01, 2021 03:28 PM (+LCoQ)
++++
Heh. I once needed a computer networking part called and SFP (an optical switch transceiver). The manufacturer I needed usually ran about $1k to $2.5 each for them. I was poking around on Amazon to try to find them cheaper.

That's when I saw several entries with the part priced at $25k, and the picture didn't match the part. I wondered who would ever pay 10x more than the high end of the retail price band. Then it hit me: it was money laundering. They buy a few of them (or maybe only one and pass it back and forth) and sell it to themselves at outrageous markup. An auditor reading the transaction will have his eyes glaze over on the full very technical product description (which was used in all its glory in the listing), shrug, and say, "expensive high-tech crap" and then move on.

Clever, I thought.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:32 PM (+IIqY)

269 Omega Man is on, haven't watched this in a long time, it's supposed to be how Covid ended

Posted by: Skip at October 01, 2021 03:33 PM (2JoB8)

270 263 Isn't there more US currency outside of the country than inside? Especially of the larger denominations?
Posted by: Satai Daleen

Isn't it every $20 bill has traces of cocaine on it? Or is it hundreds?

Posted b: rickb223 at October 01, 2021 03:30 PM (OCTRt)

Yes

Posted by: jim (in Kalifornia) at October 01, 2021 03:33 PM (ynpvh)

271 "Permission to come aboard"?
Either Biden thought that was a joke or his meds need adjustment again.
https://tinyurl.com/5dfxvp77
Posted by: Thrawn at October 01, 2021 03:29 PM (5aFbR)

It's a joke. No, it's a stutter. Joke. Stutter! JOKE!

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:33 PM (wAnMi)

272 268 An auditor reading the transaction will have his eyes glaze over on the full very technical product description (which was used in all its glory in the listing), shrug, and say, "expensive high-tech crap" and then move on.

Clever, I thought.
Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:32 PM (+IIqY)

====

Alternate theory:

Pierre Omidyar knowingly engages in and profits from fraud.

Posted by: TheJamesMadison's Phone, read some movie thoughts at October 01, 2021 03:34 PM (bHkI4)

273 Isn't it every $20 bill has traces of cocaine on it? Or is it hundreds?
Posted by: rickb223 at October 01, 2021 03:30 PM (OCTRt)
++++
Virtually all US paper currency, I think, has traces of blow on it.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:34 PM (+IIqY)

274 Its just going to be another tool for government to keep track of political enemies.

Why would the same party that wants a $3.5 trillion spending bill care about the government being solvent? It has nothing to do with Treasury receipts, its about looking at every financial transaction they can.

Posted by: Blago at October 01, 2021 03:34 PM (PwNLq)

275 I currently am the only person I know in the Bay Area who doesnt wear a mask. My kids wont get the vaccine. I intend to keep sending them there until they physically stop me.

Then what? Turn your children over to The Party? Because that is what is going to happen. Voluntarily or by force. Your offspring will become The Party's chattel property.

Posted by: Reuben Hick at October 01, 2021 03:34 PM (+LCoQ)

276 Where are you located?

Posted by: Wolfus Aurelius at October 01, 2021 03:30
-------------------

SE Missouri.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:34 PM (ju2Fy)

277 271 It's a joke. No, it's a stutter. Joke. Stutter! JOKE!
Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:33 PM (wAnMi)

====

No need to bring up the sordid Biden family history while in Chinatown.

Posted by: TheJamesMadison's Phone, read some movie thoughts at October 01, 2021 03:34 PM (bHkI4)

278 273 Isn't it every $20 bill has traces of cocaine on it? Or is it hundreds?
Posted by: rickb223 at October 01, 2021 03:30 PM (OCTRt)
++++
Virtually all US paper currency, I think, has traces of blow on it.

Posted by: Joe Mannix (Not a cop!) at October 01, 2021 03:34 PM (+IIqY)

Well, there you go. The Gov't has to confiscate it all because of the Class 1 drug saturated in it. Sorry folks. Gotta use your (very traceable) credit cards and debit cards.

Posted by: jim (in Kalifornia) at October 01, 2021 03:35 PM (ynpvh)

279 Just a guess? Missouri.

Posted by: rickb223 at October 01, 2021 03:31
--------------------

Ding, ding, ding.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:35 PM (ju2Fy)

280 Does telling a lefty loser to FOAD or SMD constitute a threat of violence??

Posted by: dananjcon at October 01, 2021 03:35 PM (u6xw0)

281 241 Just do NOT claim political charitable donations. EVER. At least, for those morons who frequent these hallowed halls.
Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:17 PM (wAnMi)

I can't believe anyone would still waste money on a political contribution. Paying to have your rights usurped doesn't seem like a good return on your money.

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 03:35 PM (hlxe7)

282
$600 will be my weekly grocery bill next year if this keeps up.
Posted by: wth

You'll have to buy them from some black market guy like in Soylent Green.

Posted by: Bertram Cabot, Jr. at October 01, 2021 03:36 PM (63Dwl)

283 The problem with hoarding cash is that is the dumbest thing to do during inflationary periods, such as the one we are in right now.
You have to convert it to things that hold value, or consumables.
Posted by: delurking one more once at October 01, 2021 03:29 PM (aAP3z)

Some people buy gold, some silver or antiques. I've never lost money on firearms.

Posted by: G'rump928(c) at October 01, 2021 03:36 PM (yQpMk)

284 SE Missouri.
Posted by: olddog in mo
___

*waves from across the river*

Posted by: SMH - The War has been won, only the battles remain, as usual at October 01, 2021 03:36 PM (hBjG3)

285 275 I currently am the only person I know in the Bay Area who doesnt wear a mask.

You're not totally alone. My red-pilled uncle and aunt - right in San Fran of all places, are with you.

Posted by: Guy Smiley at October 01, 2021 03:36 PM (Bmy3R)

286 Well, there is the chance for CA people to stand for freedom, just stop sending their kids to school en masse. If that happened the policy would change. But I bet they will bend over and risk their kids health reaction to the vax.
Posted by: Guy Mohawk

Nah, wouldn't make any difference. Still paying taxes to send the kids to school, and the schools are full to the rafters with illegals who happily do anything they're asked. Which is next to nothing. All it would mean is your own kids don't learn Spanish as quickly if they're home schooled.

Posted by: clutch cargo - processed in a facility that may contain lead at October 01, 2021 03:36 PM (wAnMi)

287 283 The problem with hoarding cash is that is the dumbest thing to do during inflationary periods, such as the one we are in right now.
You have to convert it to things that hold value, or consumables.
Posted by: delurking one more once at October 01, 2021 03:29 PM (aAP3z)

Some people buy gold, some silver or antiques. I've never lost money on firearms.

Posted by: G'rump928(c) at October 01, 2021 03:36 PM (yQpMk)

If it gets really, really bad, long-lasting food items. Can't exactly eat gold and get any nutritive value out of it.

Posted by: jim (in Kalifornia) at October 01, 2021 03:37 PM (ynpvh)

288 And guns and ammo.

Posted by: jim (in Kalifornia) at October 01, 2021 03:37 PM (ynpvh)

289 NOOD border

Posted by: jim (in Kalifornia) at October 01, 2021 03:37 PM (ynpvh)

290 One of my coworkers/friends has been having a dispute with her ex-husband over her large assortment of firearms that he kept and wouldn't give back to her, and she just finally received them all back after months of litigation.

Just in time, I told her. Now lock them up tight and don't let anyone get them again.

Posted by: Guy Smiley at October 01, 2021 03:39 PM (Bmy3R)

291 You'll have to buy them from some black market guy like in Soylent Green.
Posted by: Bertram Cabot, Jr. at October 01, 2021 03:36 PM (63Dwl)
........

It's already starting. Some Mexican guy in a pickup today in the supermarket parking lot in front of CVS selling fruits and vegetables.

Posted by: wth at October 01, 2021 03:40 PM (v0R5T)

292 199 Anyone looking for a job. My CFO quit 2 weeks ago and her assistant that did the yeoman's work quit today. Good pay. Smoker friendly.
Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:17 PM (ju2Fy)

Does a CFO do bookkeeping/accounts receivable/payable type stuff? I'm looking to move to Missouri and I do have prior, albeit back SEVERAL years experience in that area.

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 03:41 PM (hlxe7)

293 I leave the details to Him but I'd be good with volcano, earthquake, SMOD, whatever.

Posted by: bluebell at October 01, 2021 03:25 PM (wyw4S)

So "a speedy reunion with the Lord" as my wonderful MIL used to say?

Posted by: Cannibal Bob 'here a variant there a variant, everywhere as variant!' at October 01, 2021 03:41 PM (RoIW/)

294 Perfect example of this in action: I'm a professor. I'm at the upper-end of the salary scale at my institution. And I STILL do adjunct gigs for *four* other schools in addition to my full-time position. And my wife does the exact same thing.

Posted by: someasshole at October 01, 2021 03:41 PM (NkHdu)

295 $600 for contractors.

Incorporate yourself. Corporations don't get 1099s.

Most contractors are Sub-S. Basically their SSN is their federal ID. So companies who pay these people upload 1099 info ( or should).

Posted by: Steve_in_SoCal at October 01, 2021 03:42 PM (Qmg6E)

296 Very enlightening. Thanks!

Posted by: Miley, the Duchess, #SuperStraight #maskless (Mzdiz) at October 01, 2021 03:43 PM (Mzdiz)

297 *waves from across the river*

Posted by: SMH - The War has been won, only the battles remain, as usual at October 01, 2021 03:36
--------------------------

*waves back to SMH*

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:44 PM (ju2Fy)

298 In 1970, the median household income was 188.6% of per-capita GDP. In 2020, it was just 106.7%. The overall share of GDP represented by median income has collapsed.

The number of households has gone way up, because fewer persons per household despite much increased population.

https://www.statista.com/statistics/183648/
average-size-of-households-in-the-us/

"...Since 1960, the number of households more than doubled from 53 million to about 128 million households in 2020.

Most of these households, about 34 percent, are two-person households. The distribution of U.S. households has changed over the years though. The percentage of single-person households has been on the rise since 1970 and made up the second largest proportion of households in the U.S. in 2019, at 28 percent.."

Posted by: Hands at October 01, 2021 03:45 PM (786Ro)

299 I want Gavin to force teachers also. Yeah, I know.

But square this circle mandating kids but not teachers. This is going to be great.

Posted by: Steve_in_SoCal at October 01, 2021 03:46 PM (Qmg6E)

300 What You Notice By Looking In The Wrong Place: The SAR Limit [Joe Mannix]
---------

Joe Mannix [not a cop]'s posts are always a good read. Don't stop posting.

Posted by: Braenyard at October 01, 2021 03:47 PM (ri5Bo)

301 This is not to catch billionaires; it is to harass them.

This is to wring more money out of middle-class people who file simple returns. It always comes down to us.

If they were serious about cheaters, they would go to the immigrant community. I gave up working for an Asian guy when after a few months he handed me a bag of cash and said, here, so we don't pay taxes. Everybody knows it and they do nothing!

Posted by: PJ at October 01, 2021 03:52 PM (G1dq6)

302 Does a CFO do bookkeeping/accounts receivable/payable type stuff? I'm looking to move to Missouri and I do have prior, albeit back SEVERAL years experience in that area.

Posted by: Bonnie Blue no longer gives a shit at October 01, 2021 03:41
-------------------------

Yes. For me at least.

Posted by: olddog in mo, Pontoon Captain* (like a real captain, only drunker) at October 01, 2021 03:53 PM (ju2Fy)

303 Sort of like somebody has a plan.

Posted by: LostInSpace

Yes, no more incremental approach like in the Obama years. All in while Dementie Joe is in charge.

Posted by: PJ at October 01, 2021 03:53 PM (G1dq6)

304 Dementia joe is not in charge of anything.

Posted by: Infidel at October 01, 2021 04:06 PM (iorxD)

305 117 Like how the income tax only applied to the super rich when enacted.

And the AMT same.

Or that the Nostromo was imagined to cost $42 million in 1979 ($146 million in 2021 dollars)

"THEY CAN BILL ME!" - Ellen Ripley

Seriously, does anyone know what the going rate for a Starship is going to be, if it works?

Posted by: Thing From Snowy Mountain, Cryptid Anarchist at October 01, 2021 04:08 PM (RfTF0)

306 GUNS! GUNS! GUNS!

One major reason for monitoring transactions of $600 or more is to keep tabs on firearms purchases.

Posted by: rcat at October 01, 2021 04:13 PM (fKGzE)

307 Buy gold whenever you can. Hide it carefully.
Posted by: Capital Eff at October 01, 2021 02:35

If you do that you'd better tell your executor where you hid it, in case you forget or develop dementia.

Posted by: Farmer at October 01, 2021 04:49 PM (55Qr6)

308 Get a second bank account at another bank. Transfer $601 back and forth several times a day.

Posted by: Wade Hampton at October 01, 2021 06:21 PM (Su9Le)

309 You should do your comparisons on Social Security payouts, your see a real squeeze. We lose ground every year. Every. Frickin. Year.

Posted by: Dale at October 01, 2021 08:03 PM (P8upX)

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