Monday, November 25, 2024

"yet another unbelievably stupid law to harass the people"




By N.S.

"yet another unbelievably stupid law to harass the people"

https://manhattancontrarian.us7.list-manage.com/track/click?u=9d011a88d8fe324cae8c084c5&id=f9e03b14eb&e=811ed7c5a8



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6 comments:

Anonymous said...

I needed to hire a lawyer to scan that article and give me a two sentence summary. I tried reading it for a while,but drove off the road a few times and eventually hit a tree.

--GRA

Monday, November 25, 2024 at 6:51:00 PM EST
Anonymous said...

jerry pdx
That was the reasoning for the Currency Transaction Report (CTR) which was enacted in 1970 under Nixon (another reason to hate him). If you withdraw over 10,000 of your money the bank will file a report letting the government know what it going on. If you try to bypass it by withdrawing smaller amounts in a certain space of time, it will still trigger a report. It was supposed to stop money laundering and other financial crimes, but that's what they always say. "It's to stop crime, it's for your safety". I remember when a check became cash upon signature, you could take it in and any bank would cash it but then they stopped doing it because of potential fraud, now you must take it to the bank you bank with. Yes, sometimes there was fraud and I didn't mind some extra security measure to prevent somebody from cashing a fraudulent check but to stop cashing checks altogether? I remember asking the drones at my bank about why they wouldn't cash checks from other banks anymore and they gave me those false smiles with blank faces while reciting "the customer safety mantra". I'd rather keep those little freedom's in life and deal with a little risk instead of watching them fritter away under the pretense of saving us from ourselves. Of course, when the government moves to a cashless society it's all moot because they will be able to monitor every transaction we make. They can't wait for it to happen.

Monday, November 25, 2024 at 8:02:00 PM EST
Anonymous said...

Right,Jerry--in other words,it's too dangerous to give someone their own money.

--GRA

Monday, November 25, 2024 at 8:46:00 PM EST
AbolishTenure said...

Two-sentence summary, as GRA wanted: "You with the little home business who registered with your state as an LLC, yes, you, you have to file a Beneficial Ownership Report to prove you're not funneling money to terrorists. And if you don't you could be fined $591 a day, especially if some Swamp paper-pusher (remember Lois Lerner?) doesn't agree with your social media opinions, or finds that you donated to the wrong political candidate."

It's almost as bad as doing another tax return. Yes, you can file it online for free at the government site but it might act squirrelly. Or you can pay to have someone do it, kind of like having someone file your taxes. CPAs and tax prep people are dithering about whether to provide this service because they aren't sure if their professional liability insurance covers that line of business. So lots of specialty firms have popped up charging a bunch, either do-it-yourself like TurboTax does for taxes, or bigger fees for handholding or doing the paperwork. Legal Zoom "starts at $149". Going to lawyer can bring the cost up to $400 or more, and maybe a successful small Mom-and-Pop S Corp. should do that to be on the safe side.

But postponing this because so many people are unaware? Repealing it outright? Doesn't seem to be on Congress's radar. Didn't make a ripple in any political campaigns. Low-hanging fruit and nobody picked it.

How about consolidating this alleged need for info with the IRS tax return so you only have to submit one set of paperwork to one agency? Nope. Kind of like reporting foreign bank accounts and other financial interests: tax return to IRS, another, plus a whole separate FBAR report to FinCen.

IRS does have a decent page with just a few links for more info, here. Block has a nice summary with more explanation here.

Tuesday, November 26, 2024 at 9:37:00 AM EST
AbolishTenure said...

Not related - yet somehow it is - check this out - and you'll probably be using "shaft" as a verb. IRS Rev. Proc. 2023-34 (source), adjusting some taxes for inflation including the arrows taxed per 26 U.S. Code § 4161, on sport fishing and archery equipment.

.44 Tax on Arrow Shafts. For calendar year 2024, the tax imposed under § 4161(b)(2)(A) on the first sale by the manufacturer, producer, or importer of any shaft of a type used in the manufacture of certain arrows is $0.62 per shaft.

Tuesday, November 26, 2024 at 6:03:00 PM EST
Anonymous said...

The day I have to transact $10,000 in a day,I hit the lottery. Thanks,though.

--GRA

Tuesday, November 26, 2024 at 8:02:00 PM EST

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