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AP Photo/J. Scott Applewhite The on-again, off-again proposal to require banks to monitor and report on the activity of America’s bank accounts that have $600 or more in business transactions is back in the latest version of H.R. 5376 Build Back Better Act being now being debated by the House in Congress.
The exact text as amended says: SEC. 138402. APPLICATION OF BACKUP WITHHOLDING WITH RESPECT TO THIRD PARTY NETWORK TRANSACTIONS. (a) In General.–Section 3406(b) is amended by adding at the end the following new paragraph: “(8) Other reportable payments include payments in settlement of third party network transactions only where aggregate for calendar year is $600 or more.–Any payment in settlement of a third party network transaction required to be shown on a return required under section 6050W which is made during any calendar year shall be treated as a reportable payment only if– “(A) the aggregate amount of such payment and all previous such payments made by the third party settlement organization to the participating payee during such calendar year equals or exceeds $600, or “(B) the third party settlement organization was required under section 6050W to file a return for the preceding calendar year with respect to payments to the participating payee.”. (b) Conforming Amendment.–Section 6050W(e) is amended by inserting “equal or” before “exceed $600”. (c) Effective Date.–The amendments made by this section shall apply to calendar years beginning after December 31, 2021. (d) Transitional Rule for 2022.–In the case of payments made during calendar year 2022, section 3406(b)(8)(A) of the Internal Revenue Code of 1986 (as added by this section) shall be applied by inserting “and the aggregate number of third party network transactions settled by the third party settlement organization with respect to the participating payee during such calendar year exceeds 200” before the comma at the end. What this does is place a requirement on banks and credit unions to monitor ordinary Americans’ checking accounts to detect payments coming in from third-party payments sources. These include things like monies from PayPal, CashApp, Venmo, and other sources used by people to exchange money.
There is a […]
Click here to view original web page at redstate.com
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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JD Rucker