Newsflash…

They could have access to your sphincter and still nothing will happen. Play dumb and move on.

Oh to be a talented handyman…. That works for cash!!
They are still around.

A bank with a paper ledger will be gaining market share soon

This is such an open ended statement that it could mean anything. But you don't need AI to access a bank account so what I suspect it means is this…

Federal laws for money laundering and enforcing sanctions already require that banks report certain activity and account information to the government. AI could probably be used to identify such activity. So if someone were trying use multiple banks to launder money, the government could more easily identify the suspicious activity.

This is not something the banks could do on their own since they do t have access to other banks' accounts info. And it merely means the government has access to account info - not the accounts themselves.

EDIT: I finally watched the clip. Looks like it's for tax evasion. But again, you don't need AI to access bank accounts. I'm confident what this means is that the government has access to account information such as account numbers, owners and balances, and that they are using AI to detect activity that could constitute tax evasion. I've figured since the first time I filed taxes decades ago that the IRS must already know this stuff. The only difference is using AI to detect discrepancies between account info and tax returns which sounds like what anyone in their position would do.

So if this is the case, why the sudden need for thousands of new agents?

TheRealCoachO said:

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So if this is the case, why the sudden need for thousands of new agents?

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Arent those primarily for enforcement, not detection?

what doesn't have government overreach these days?

Title should be: "IRS uses AI to process personal bank account data faster and for smaller and smaller tax discrepancy amounts. It even creates tax audit Letters to send directly to the taxpayer for inquiry on any questionable item it identifies under $25!"

They already had access to your accounts, they now are just processing ALL the checking data and faster too.

This works better when they outlaw cash too. Wait till you find out they are comparing it to your expenditures on your credit card too.

Then why did they need to hire 87,000 new IRS agents?

Jeeper79 said:

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This is such an open ended statement that it could mean anything. But you don't need AI to access a bank account so what I suspect it means is this…

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the AI they're referring to is more or less the same technology banks and credit card companies use and have been using for a while to monitor and detect fraud

And people say I'm tinfoil hat because they want to get rid of cash and go to Central Bank Digital Currency. Once they remove cash, and make digital state money, what do you think they will do when you don't get your Vax?

Trust the science, or we're going to reverse that paycheck....

Some bootlickers in this thread…

Somehow I get the feeling the reality doesn't match what "Wall Street Silver" is claiming.

Way too many Twitter accounts, on the left and right, love to toss sensationalized headlines to get likes/clicks/views and to keep their side enraged and stirred up.

BigRobSA said:

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They have had access for decades. AI just makes it that much easier.

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Correct. It is most likely that participation in any US Government programs gives that access as well. Do we really think our SS#, Bank accounts, Insurance information, and Health information is secure?

I support the IRS - Keep up the good work Agents!

Old McDonald said:

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Jeeper79 said:

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This is such an open ended statement that it could mean anything. But you don't need AI to access a bank account so what I suspect it means is this…

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the AI they're referring to is more or less the same technology banks and credit card companies use and have been using for a while to monitor and detect fraud

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Its pretty easy to repurposed or modify code/systems that is/was used for good to be repurposed and used for evil. Just like the the steam engine, the internal combustion engine or good ole steel. Do you make a sword or a plow?

This admin is all about evil so expect AI or even traditional computing to be used for evil.

Its all the function of the human heart. If its evil you get evil. True of any technology

Crypto wallet?

BigRobSA said:

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They have had access for decades. AI just makes it that much easier.

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because everyone here gives the IRS your full name, address, SS#, salary information, investments, charitable donations, etc when you send in the April 15th theft payment.

TheRealCoachO said:

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So if this is the case, why the sudden need for thousands of new agents?

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AI can't do armed raids of homes.

FTAG 2000 said:

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TheRealCoachO said:

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So if this is the case, why the sudden need for thousands of new agents?

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AI can't do armed raids of homes.

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AI can't do armed raids of home yet

Rapier108 said:

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Somehow I get the feeling the reality doesn't match what "Wall Street Silver" is claiming.

Way too many Twitter accounts, on the left and right, love to toss sensationalized headlines to get likes/clicks/views and to keep their side enraged and stirred up.

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for what it's worth, wall street silver is currently the #22 most community noted account on twitter

FTAG 2000 said:

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TheRealCoachO said:

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So if this is the case, why the sudden need for thousands of new agents?

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AI can't do armed raids of homes.

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Feeling all Eve-of-1917 up in this bish. Good luck everyone. May the odds be ever in your favor.

Owlagdad said:

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Oh to be a talented handyman…. That works for cash!!
They are still around.

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Very true and the number of those who work only for cash is much larger than people think. Not only handymen, but those who mow, storm cleanup, household help, painters, all sorts of folks who do work primarily for homeowners rather than businesses. Homeowners have no responsibility to report via 1099 forms the monies they pay for services.

One of the areas where the numbers are quite large are with "sitters" which are those who sit with, and somewhat care for, the elderly. They do some cooking, cleaning, and monitoring of the elderly person. When the children have jobs, or live away, they cannot properly care for the parents because of the amount of time they are away from them, so they hire sitters. I have seen several instances where the annual payments ran from $60,000 to just over $100,000 in payments to "sitters" but $30,000 to $40,000 is more common. Often there are three or four taking on the work for one elderly person. The larger numbers were when 24 hour care was involved. These sitters often will only work for cash and tell you so up front. Knowing some of them, I guarantee you most are on social security disability or another government tit, so they not only don't pay income tax on what they earn, they don't lose their disability.

You can bet with these working for cash only that none of it ever sees a bank account.

Why doesn't the IRS use AI to go after and start taxing all the remittances to Mexico?

LOYAL AG said:

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Funky Winkerbean said:

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They could have access to your sphincter and still nothing will happen. Play dumb and move on.

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So it's ok for them to trample on your rights as long as nothing happens? That's the early front runner for worst take of the day.

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You misunderstood my post. I sarcastically stated that we are asleep and the issue will be ignored by our politicians. They strip away our protections with no repercussions. Bull*****

Jeeper79 said:

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This is such an open ended statement that it could mean anything. But you don't need AI to access a bank account so what I suspect it means is this…

Federal laws for money laundering and enforcing sanctions already require that banks report certain activity and account information to the government. AI could probably be used to identify such activity. So if someone were trying use multiple banks to launder money, the government could more easily identify the suspicious activity.

This is not something the banks could do on their own since they do t have access to other banks' accounts info. And it merely means the government has access to account info - not the accounts themselves.

EDIT: I finally watched the clip. Looks like it's for tax evasion. But again, you don't need AI to access bank accounts. I'm confident what this means is that the government has access to account information such as account numbers, owners and balances, and that they are using AI to detect activity that could constitute tax evasion. I've figured since the first time I filed taxes decades ago that the IRS must already know this stuff. The only difference is using AI to detect discrepancies between account info and tax returns which sounds like what anyone in their position would do.

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Should the local pd have access to your car's ecu to check for speeding?

Jeeper79 said:

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This is such an open ended statement that it could mean anything. But you don't need AI to access a bank account so what I suspect it means is this…

Federal laws for money laundering and enforcing sanctions already require that banks report certain activity and account information to the government. AI could probably be used to identify such activity. So if someone were trying use multiple banks to launder money, the government could more easily identify the suspicious activity.

This is not something the banks could do on their own since they do t have access to other banks' accounts info. And it merely means the government has access to account info - not the accounts themselves.

EDIT: I finally watched the clip. Looks like it's for tax evasion. But again, you don't need AI to access bank accounts. I'm confident what this means is that the government has access to account information such as account numbers, owners and balances, and that they are using AI to detect activity that could constitute tax evasion. I've figured since the first time I filed taxes decades ago that the IRS must already know this stuff. The only difference is using AI to detect discrepancies between account info and tax returns which sounds like what anyone in their position would do.

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This is the rational statement on the thread. AI doesn't go searching through BoA systems to see if you are hiding money. AI didn't change the laws about what government overreach is. The first google hit I got returned this:

Quote:

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The IRS has broad legal authority to examine your bank accounts and financial records if needed for tax purposes. Some of the main laws that grant this power include:

• Internal Revenue Code Section 7602 Gives the IRS right to examine any books, records or data related to determining tax liability.
• Bank Secrecy Act Requires banks to maintain records and report certain transactions to detect money laundering and tax evasion.
• Right to Financial Privacy Act Limits government access to bank records but makes exceptions for the IRS.

So in short, the IRS doesn't need a warrant or even your consent to request financial information from a bank. The bank is legally required to comply with formal IRS requests.

While the IRS has broad power, there are still limitations on what they can do. Some examples of the IRS potentially overstepping its bounds include:

• Fishing expeditions The IRS can't just go on broad "fishing expeditions" through your records without evidence you actually owe more taxes.
• Unreasonable requests Requests have to be relevant and reasonable in scope. For example, asking for 50 years of bank records for a simple audit.
• Violating procedure IRS agents must follow proper procedures for issuing summons and documenting requests.

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So if you are on the hotseat, they can request your account information from BoA. They gather the data and analyze. I'm sure this has been going on forever on straightforward data analytics looking for profiles and tendencies that indicate tax evasion type behavior.

It's a much bigger story (as evidenced by this thread) when you throw AI into it. Fact of the matter is that AI can help guide in helping to discover tendencies, but AI isn't good enough to do anything on it's own right now. There are not IRS staff reductions due to AI (or pretty much any other job right now). It's an analytics tool - but doesn't change anything that people are outraged about on this thread.