Here’s the proposal. The bank will have to report virtually every bank account to the IRS along with gross inflows/outflows, cash totals, and transfers between personal accounts. This is for the express purpose of visibility into business revenues without an audit.
It is exactly what I said. A) the IRS expects higher compliance by virtue of data being reported and B) the computer can match your return against the bank reporting and then issue you a tax due letter.
It’s basically enforcement against small businesses and hobby income (the latter is grossly unfair). It has ZERO to do with going after tax evasion of the rich.

Now you can believe that these small businesses and hobbyists should be obeying the law and paying their taxes.
But you’re gonna pay for it when your bank has to implement fees to cover the cost of this reporting. And then there is the data leaks, IRS errors, etc.

Is the squeeze worth the juice?

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More from @SirAaron_

13 Oct
@JaredEMoskowitz is in Spaces right now. He was an Obama elector and a supporter of Hillary Clinton. He voted for Gillium.

He’s telling us how well the Governor treated him and allowed him to run the Department of Emergency Services.
Absolutely devastating to the 60 minutes story and the Rebekah Jones conspiracy.
Read 5 tweets
7 Oct
I've been asked to walk through this news story - Accidentely unsealed warrant reveals Google served up data on anyone who searched sexual abuse victim’s name - media

A thread.…
So as most who follow me know, Google sucks up all sorts of data. Everything searched, all WiFi networks everywhere on the planet, all your emails, everywhere you go when you're connected to Google services, etc. Law Enforcement can obtain all of this information.
To get much of it, they need a search warrant. Most of the time when a search warrant is obtained, the Agent will include a court order to seal the affidavit and the warrant so that the media cannot pick up on it and then publish the details which might harm the investigation.
Read 15 tweets
6 Oct
Question is why does Google and other tech companies collect all this data if they’re not selling it?

I’ll answer this in this thread.
First, let me explain that selling yourself data has 𝘢𝘭𝘸𝘢𝘺𝘴 been a thing. In the old days, this data was collected and sold so companies could send you targeted mass mailers. As technology grew it became club cards and email subscriptions.
But companies have 𝑎𝑙𝑤𝑎𝑦𝑠 bought and sold your data so they can market to people most likely to buy their products. If you have $X in marketing budget you want to serve up ads to people who will buy it.
Read 13 tweets
6 Oct
The notion that you should open up your entire life to the government because you’ve got nothing to hide if you’re innocent is anathema to our founding principles. It’s why the founders added the 4th and 5th amendments.
Now we’re allowing an end run around the 4th and 5th amendment by forcing companies to report your information to the government.
We’ve been doing it since at least 1970 when Congress passed the Bank Secrecy Act which required banks to report all cash transactions over $10k. Then it’s ballooned into more and more info now that modern computers and databases can easily parse this data and serve it up.
Read 5 tweets
6 Oct
I’ve harped on this several times in the last few weeks. The $600 reporting requirement isn’t about the rich paying their “fair share.” It’s about collecting taxes from lower classes who make a little side money on PayPal, Etsy, etc.
Think about how much money is collected if 150 million people paid $14 more in taxes be what they claim they’ll get from “the rich.”
Earlier this year, Congress snuck in a law lowering reporting by PayPal and Etsy to only $600. This is to capture income from “micro sellers.”

Now they want banks to report the total inflows and outflows for all accounts for which those totals exceed $600.
Read 7 tweets

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