Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 5
They agree that the only smart response to a police officer asking you if you committed a crime is "no sir",

https://youtu.be/d-7o9xYp7eE

Forgive me if this has already been posted.

Vol
Print the post Back To Top
No. of Recommendations: 14
The Biden administration is proposing requiring financial institutions report to the IRS all transactions of all business and personal accounts worth more than $600.

The way this is being portrayed is not entirely accurate:

https://www.snopes.com/fact-check/biden-banks-600-dollar-irs...

Bruce
Print the post Back To Top
No. of Recommendations: 5
The Biden administration is proposing requiring financial institutions report to the IRS all transactions of all business and personal accounts worth more than $600.

The proposal required reporting of gross deposits and withdrawals from bank accounts with a balance of over $600. This isn't much different than what one's brokerage is required to report each year.

As the IRS knows how much they deposit in my bank accounts each month, how much is withdrawn each quarter for estimated taxes, and transfers between my saving and checking accounts as I transfer $10,000 at a time; the reporting requirement won't provide much additional information.
Print the post Back To Top
No. of Recommendations: 2
The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.

It is clearly to catch those that aren't reporting cash income and transferring assets offshore.

The summary doesn't provided detailed information.

If you think your transactions are private from the government, they already aren't.
Print the post Back To Top
No. of Recommendations: 0
If you think your transactions are private from the government, they already aren't.

One word: Bitcoin


🆁🅶🅱
post tenebras lux
For not in my bow do I trust, nor can my sword save me.
Print the post Back To Top
No. of Recommendations: 26
One word: Bitcoin

You really think Bitcoin isn't being tracked? HAHAHAHAHA

You did see that box you had to check on the 2019 Schedule 1 and the one on the 2020 1040 asking whether you engaged in any virtual currency transactions? And the declaration above your signature that "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete."?

The IRS is cracking down on crypto https://www.forbes.com/sites/thomasbrewster/2021/09/01/irs-u...

AJ
Print the post Back To Top
No. of Recommendations: 0
You did see that box you had to check

When the police officer who pulled you over asks "Do you know why I stopped you?". Do you reply, "Yes sir... I was speeding"?


🆁🅶🅱
post tenebras lux
For not in my bow do I trust, nor can my sword save me.
Print the post Back To Top
No. of Recommendations: 1
Do you reply, "Yes sir... I was speeding"

Generally, yes. I usually know why I was stopped. No point in denying it. You’re gonna get a ticket anyway.

Bruce
Print the post Back To Top
No. of Recommendations: 3
<snopes link removed>

Snopes has a credibility problem...
https://www.buzzfeednews.com/article/deansterlingjones/snope...


🆁🅶🅱
post tenebras lux
For not in my bow do I trust, nor can my sword save me.
Print the post Back To Top
No. of Recommendations: 0
Snopes has a credibility problem

You can easily verify the info in the Snopes article elsewhere…

Bruce
Print the post Back To Top
No. of Recommendations: 9
When the police officer who pulled you over asks "Do you know why I stopped you?". Do you reply, "Yes sir... I was speeding"?

Except if I lie to the officer and say no, I'm not doing it under the same penalties as that little box I have to check on the IRS forms where it says:

"Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete."
Print the post Back To Top
No. of Recommendations: 5
"Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete."


Failure to answer the cryptocurrency correctly is an indicium of fraud. The civil fraud penalty is 75% of the tax owed.

Ira
Print the post Back To Top
No. of Recommendations: 6
When the police officer who pulled you over asks "Do you know why I stopped you?". Do you reply, "Yes sir... I was speeding"?

But when you don't check the box, and you have had crypto transactions, you are committing perjury when you sign your income tax return. That's why I added the part about: "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete."

AJ
Print the post Back To Top
No. of Recommendations: 0
You can easily verify the info in the Snopes article elsewhere…

LOL. Of course. That's how the plagiarism accusations were proved 😉


🆁🅶🅱
post tenebras lux
For not in my bow do I trust, nor can my sword save me.
Print the post Back To Top
No. of Recommendations: 4
Snopes has a credibility problem...

I don't see plagiarism as a credibility problem for Snopes.

Promoting unsubstantiated/disproven facts would be a credibility problem, and that's not what happened according to the article.

It is a problem - and apparently one they're addressing.
But it isn't about their credibility IMO.
Print the post Back To Top
No. of Recommendations: 5
You did see that box you had to check

When the police officer who pulled you over asks "Do you know why I stopped you?". Do you reply, "Yes sir... I was speeding"?


Not even close. I reply, "No, sir, I do not." Even if I do know why.

Eric Hines
Print the post Back To Top
No. of Recommendations: 3
Snopes has a credibility problem

You can easily verify the info in the Snopes article elsewhere…


Only by going to the source--transcripts, original tapes. Most of what you'll get from other press outlets is the press corroborating each other's claims.

Eric Hines
Print the post Back To Top
No. of Recommendations: 10
When the police officer who pulled you over asks "Do you know why I stopped you?". Do you reply, "Yes sir... I was speeding"?

Not even close. I reply, "No, sir, I do not." Even if I do know why.


My older brother was a career prosecuting attorney. My younger brother is a criminal defense attorney. They agree that the only smart response to a police officer asking you if you committed a crime is "no sir", and nothing else. No "friendly" conversation (which is actually just the police conducting an interrogation, waiting for you to volunteer something they can use), no consent to a search.
Print the post Back To Top
No. of Recommendations: 4
My older brother was a career prosecuting attorney. My younger brother is a criminal defense attorney. They agree that the only smart response to a police officer asking you if you committed a crime is "no sir", and nothing else. No "friendly" conversation (which is actually just the police conducting an interrogation, waiting for you to volunteer something they can use), no consent to a search.

Except you've already agreed, under penalty of perjury, that everything on your tax return is correct by signing it - either on a paper return or using an e-signature if you file electronically. So the IRS already has the right to search records to confirm what you checked (or didn't) on your tax return. And with crypto exchanges reporting to the IRS, they probably don't have to go far to confirm whether you should have checked that box.

AJ
Print the post Back To Top
No. of Recommendations: 1
Except you've already agreed, under penalty of perjury, that everything on your tax return is correct by signing it

Oh, I agree. I'm not advocating that anyone commit a crime (here, perjury). My comment, which wandered OT, is strictly not to volunteer incriminating info on oneself to a policeman.
Print the post Back To Top
No. of Recommendations: 1
When the police officer who pulled you over asks "Do you know why I stopped you?"

My reply,

I look over at the seat, back at him and say:

"I don't have any donuts in the car, so no I don't."

They usually grin.

gcr
Print the post Back To Top
No. of Recommendations: 1
One word: Bitcoin

Not really. Cliff's Notes from the local link below: Man paid hitman to kill wife with bitcoin. They were able to trace via the CoinBase app used for payment. Some way, some how, you have to have a computer/device and/or internet connection to use bitcoin and that is who they trace you.

https://www.wate.com/news/crime/fbi-knoxville-man-paid-hitma...

JLC
Print the post Back To Top
No. of Recommendations: 5
They agree that the only smart response to a police officer asking you if you committed a crime is "no sir",

https://youtu.be/d-7o9xYp7eE

Forgive me if this has already been posted.

Vol
Print the post Back To Top
No. of Recommendations: 1
So... back to the basics, were this measure to become fact in what ever form, would it apply to funds held in cash in broker accounts on which checks can be written?
Print the post Back To Top
No. of Recommendations: 0
It would apply to all transfers not just checks. Everyone is referring to cash transfers but as written could also cover transfers of securities.
Print the post Back To Top