Nosy banks

Nathan Morris3 said:What you wrote is basically the same as saying you spent illegal $3.25. Yeah, obviously the UP doesn't monitor all of that. At least not if you're spending it on things they don't track. I guess the point here isn't really about stopping the shadow economy anyway, though someone who only has underground income might theoretically run into trouble. But then again, in the US, it's pretty easy to wash cash with maybe 10% in costs or less. It's easiest if you own property in Florida; for just $167 you could probably clean $5.00 😁

But that’s exactly my point. Obviously, nobody with half a brain is actually going to do what I suggested; they'll do it the way you described instead. But if someone actually moves money from one account to another, they're going to run into trouble because the IRS will assume they did exactly what I laid out in my last post, and then they'll be stuck playing defense trying to prove otherwise...

Jonathan Sanchez7 said:Have any of you ever actually placed bets? If so, have you ever walked away with a win? I’m talking about the old-school way—walking into a physical sportsbook or using one of those machines at a local pub. Or maybe you've been to a casino and actually hit a jackpot? Here is my experience: over the last nine years (though I haven't been active for the last year or two, so things might have changed), I have never once received an official payout slip. All I could ever do was make a photocopy of the winning ticket and keep that for myself, since they always insist on keeping the original. Honestly, I never even bothered to do that, especially after reading on a forum how someone got absolutely hounded by authorities just for trying to prove their winnings with a photo of a ticket. How are you even supposed to prove to the IRS where all that accumulated cash came from, especially when I almost always transferred it straight to my checking account, with a chunk being funneled immediately back into the next bet?

I guess I haven't played much in Rhode Island. In the casinos out there (I think it's the same here in the States), they always give you a receipt, whether you win two cents or two million. Sorry if I got something wrong.

I guess I really have no clue how a Bitcoin ATM would even print out a receipt, but it feels pretty weird that a sportsbook wouldn't give you one. It’s honestly kind of messed up that they put all the pressure on us citizens to prove everything.

It honestly pisses me off how this whole shady administration thinks every single citizen with a bank account is some kind of criminal. Having to prove you aren't a thief just to exist? It’s absolute garbage.
Bankers are going to regret this level of service 100%. Why bother putting money in checking or savings when they're watching your every move? I'll stick to some risky stocks instead. :klap:
They finally admitted it—they're coming after the wealthy's assets. Forget those billionaires and local big shots; they don't even keep their cash in the USA anyway. Most of their real estate is tucked away under names like Peter and whatnot.

@Department of the Treasury used to need a direct request to peek at transaction histories for checking and savings accounts, but now they're just getting everything automatically from the banks.

The plan is to tighten the leash on accounts to crack down on tax evasion. Basically, they want to scoop up data on every bit of income and receipt so the IRS can easily cross-reference what people are making against what they actually own..

driftingmoose57 said:It honestly pisses me off how this whole shady administration thinks every single citizen with a bank account is some kind of criminal. Having to prove you aren't a thief just to exist? It’s absolute garbage.
Bankers are going to regret this level of service 100%. Why bother putting money in checking or savings when they're watching your every move? I'll stick to some risky stocks instead. :klap:
They finally admitted it—they're coming after the wealthy's assets. Forget those billionaires and local big shots; they don't even keep their cash in the USA anyway. Most of their real estate is tucked away under names like Peter and whatnot.

@Department of the Treasury used to need a direct request to peek at transaction histories for checking and savings accounts, but now they're just getting everything automatically from the banks.

The plan is to tighten the leash on accounts to crack down on tax evasion. Basically, they want to scoop up data on every bit of income and receipt so the IRS can easily cross-reference what people are making against what they actually own..

That doesn't really change the situation for you; any deposits or withdrawals from your broker still hit your bank account. Even if you flipped some stocks a few times a month and pulled the cash out, you'd still have to explain to the IRS how you managed to pull $17 in turnover from a $1667 paycheck on your 😵 account.

wiredlynx28 said:If some bank tries to squeeze more info out of you by hiding behind a "fact" or some other excuse, then that’s a whole different ballgame.
Look, if we're talking about massive sums of money, they used to hunt you down just to avoid getting flagged by the IRS for an audit. Now? They can see everything themselves, so there’s really no reason to go looking for trouble anymore.

This whole thing regarding bank account audits and financial transparency here in America? It’s been standard practice in other countries for ages. People don't even complain about it because they have nothing to hide. Just look at Scandinavia. There is zero chance someone dodges their taxes over there, which is exactly why their quality of life is so high—even if their tax rate sits at around 60% of their income.
It’s not just about the government hoarding data for its own sake. They can actually track whether a taxpayer holds assets in other signatory nations because information sharing is now standard practice among OECD members. This isn't limited to just the EU; it’s a global network designed to crack down on money laundering and other financial crimes.

The sheer absurdity and dishonesty displayed here is quite evident.
Banks have absolutely no grounds to demand proof from citizens; if something appears suspicious, they should simply report it to the IRS and let the authorities handle the investigation... there is simply no justification for these underhanded excuses designed solely to harvest private citizen data.

Charles Ramos7 said:That doesn't really change the situation for you; any deposits or withdrawals from your broker still hit your bank account. Even if you flipped some stocks a few times a month and pulled the cash out, you'd still have to explain to the IRS how you managed to pull $17 in turnover from a $1667 paycheck on your 😵 account.

I'm playing the long game here. The IRS can wait until they actually see some real money.😁

ironcyclist58 said:I don't know how things work in other countries, but from where I'm sitting, there are some massive gray areas here.
For instance, once you finally explain where your money is coming from, does that cover just the past transactions, or are you set for the future too?
Take someone who mentioned they get their paycheck at one bank and then immediately wire the whole thing over to another account just to dodge fees or whatever... the IRS is going to start waving red flags pretty fast. It looks like that person is pulling double wages every single month. Once they explain their setup, is that a one-and-done deal, or will they be getting flagged again every few months because the pattern keeps repeating?
Then there’s the headache of gambling winnings. Apparently, people aren't getting official payout slips, which sounds sketchy to me. If that's the case, how are you even supposed to prove where that cash actually came from?

It won't happen because of the way payroll processing has been handled for ages now. Between specific transaction codes for direct deposits, commuting stipends, and the standard ACH transfers, everything is accounted for.
Every single transfer clearly shows that Person X received their wages at Bank Y, specifically labeled as payroll.
If you're just moving that money electronically to another account, there's a digital paper trail for everything, so there isn't actually an issue there.

I’d be more than happy to testify before the IRS that I personally loaned you the cash—for a modest 10% finder's fee, of course. 🎉

ruggedmaker2 said:It won't happen because of the way payroll processing has been handled for ages now. Between specific transaction codes for direct deposits, commuting stipends, and the standard ACH transfers, everything is accounted for.
Every single transfer clearly shows that Person X received their wages at Bank Y, specifically labeled as payroll.
If you're just moving that money electronically to another account, there's a digital paper trail for everything, so there isn't actually an issue there.

Fine then.

From iPhone 15

ruggedmaker2 said:It won't happen because of the way payroll processing has been handled for ages now. Between specific transaction codes for direct deposits, commuting stipends, and the standard ACH transfers, everything is accounted for.
Every single transfer clearly shows that Person X received their wages at Bank Y, specifically labeled as payroll.
If you're just moving that money electronically to another account, there's a digital paper trail for everything, so there isn't actually an issue there.

But what if it isn't electronic? What if it's just cash?

It’s all just speculation for now, honestly. The IRS won't even have access to those current bank account records until January 1st of this year.
How they’re actually going to track everything? Who knows. Probably just looking for anything that sticks out—you know, massive discrepancies between what people are actually spending and what they reported on their W-2s.
(And since they've been tracking those W-2 filings since 2014, they already have a pretty solid idea of what a "normal" income looks like for most folks.)

With that setup—paying out salaries in cash while depositing the rest into a different account—the numbers would be off by double every single month. If that doesn't set off alarm bells at the IRS, then their whole system is a joke and they shouldn't have even bothered...

Quinn:

I haven't seen any posts from barbara27631 yet, so I'm just waiting to see what they have to say... kaže: Hypothetically speaking, if someone were to spend years gradually withdrawing cash from their checking account to buy foreign currency and tucking it away safely at home, they might eventually find themselves ready to make a major purchase, like a new car. Once that time comes, they’d need to deposit that significant amount of cash back into their bank account to pay the dealership, but the thought of looking suspicious to the IRS is understandably a bit daunting... I wonder if there is a way to handle such a large cash influx without triggering any unnecessary red flags or intense scrutiny from the tax authorities... Sent from my iPhone 15 using Reddit...

Why bother sending it to the current account? It would be much simpler to just upload everything to GitHub and then take that cash down to the bank, so they can process the payment directly to the dealership...

So, does anyone actually have any insight into how things work when you're dealing with betting sites or casinos, specifically in cases where funds have been sitting in a checking account for years?

Jonathan Sanchez7 said:So, does anyone actually have any insight into how things work when you're dealing with betting sites or casinos, specifically in cases where funds have been sitting in a checking account for years?

Maybe those casinos or betting sites issue some kind of profit statements at the start of the year, at least where they can.

Zachary Collins2 said:Quinn:

I haven't seen any posts from barbara27631 yet, so I'm just waiting to see what they have to say... kaže: Hypothetically speaking, if someone were to spend years gradually withdrawing cash from their checking account to buy foreign currency and tucking it away safely at home, they might eventually find themselves ready to make a major purchase, like a new car. Once that time comes, they’d need to deposit that significant amount of cash back into their bank account to pay the dealership, but the thought of looking suspicious to the IRS is understandably a bit daunting... I wonder if there is a way to handle such a large cash influx without triggering any unnecessary red flags or intense scrutiny from the tax authorities... Sent from my iPhone 15 using Reddit...

Why bother sending it to the current account? It would be much simpler to just upload everything to GitHub and then take that cash down to the bank, so they can process the payment directly to the dealership...

If we're talking about a standard money order, the bank is going to hit you with a 2% fee. On an amount like this, that's not exactly pocket change.

coastalwolf1 said:If we're talking about a standard money order, the bank is going to hit you with a 2% fee. On an amount like this, that's not exactly pocket change.

You might want to check with a different bank or even the one the dealership uses. By the way, most of those fees have a cap—like 2%, but usually capped at something like $33 or whatever.

Joe and the betting shop, thanks for the input. There's a cap on the reimbursement ($33), specifically for bank clients—they actually asked if I was one.

Sent from my ST23i via Reddit

So they finally did it. They went and slapped taxes and local surcharges on students after promising them the moon before the elections. Did anyone actually vote for this?😕
The government is taxing any student making more than $5.00 a year.
Twitter says that since January 1st, 2017, students working under those specific student contracts can only pull in up to about $1,100 a month before the government starts dipping into their pockets. Once they hit that magic number, every single paycheck gets hit with a 24 percent tax rate, plus whatever local city surcharge applies depending on where they live. Not that the money stays with the government forever—they supposedly give it back as a tax refund in August 2018, according to College Times. Just typical, right?
http://www.nytimes.com/news/example-article-about-living-normally

I view this legislation as nothing more than glorified fiscal surveillance tools. There won't be a single cent left over, and by leveraging digital programs—rather than just hiring more clerks at the DMV—every citizen's transaction becomes trackable. Given the requirement for every worker to hold a checking account, this is a massive incentive for people to work under the table. I’m talking about those scraping by on minimum wage; if they don't see a way out, they'll choose off-the-books work for $67 rather than legal employment, simply because they'd rather have the cash needed to survive in their own pockets instead of handing it over to the banks, the IRS, or the federal government...
Furthermore, if a new tax is imposed, this setup ensures that citizens—who aren't even being considered regarding their basic survival or quality of life—are forced to settle all their debts to the state first. It would be incredibly easy to hike up the non-taxable portion once people are left with only the scraps that can't be seized by the government.
This whole "hand-in-glove" system between the big banks, the government, and heaven forbid 😬, the collection agencies, alongside our sluggish judicial system, is masterfully orchestrated like some high-level mafia operation.