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Oct 19 - ruthless irs regime.....declares war on cash app businesses



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 2 months ago '09        #1
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messy marv stan  topics gone triple plat - Number 1 spot x73
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Oct 19 - ruthless irs regime.....declares war on cash app businesses
 

 
visit this link https://www.google.com/am .. 2-e33a1eda2eb5


image If you are using a cash app for business and make more than $600 a year in transactions, the IRS wants to know


Cash apps, including PayPal, Venmo and Zelle, will be subject to new tax rules starting Jan. 1, 2022.

The Internal Revenue Service (IRS) wants to know who is using these apps and how much they're sending or receiving

The previous threshold for these apps was $20,000. Starting next year, the IRS wants to know about everything over $600


Who will they be looking at and why the change? It's part of the Biden American Rescue Plan.

Chris Hobart with Hobart Wealth Management says this is a move to close the gap between the $20,000 and $600. Basically, Uncle Sam wants his cut of taxable income.

So how will the IRS distinguish between business and personal transactions? People in households often split rent, mortgages and utilities. To make things simple, they pay each other, and those apps are easy ways to shift the money around quickly.

"That's not going to be taxable," Hobart said. "It's just on goods sold or services provided."


The app will notify the IRS for business transactions and generate a 1099K form. Financial experts recommend using one app for business and one for personal, that way things will be separate and easier to control, thus diminishing your likelihood of some sort of audit, which they say is low.

If you have any further questions, the IRS' website will lay out the timeline, as well as expectations and rules for cash app users
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101 comments
 

 2 months ago '08        #2
Tredhead 
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This is Trash they get to hide all their money and wanna come after the small guys… Typical
+54   

 2 months ago '16        #3
Ghostface Killa  topics gone triple plat - Number 1 spot x1
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Bidens America

Not surprised this thread is empty
+33   

 2 months ago '18        #4
DUCEDUCE  topics gone triple plat - Number 1 spot x1
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sh*ts happening all over ebay, mercari, stock x, goat. Should be a class war not a racial war. Biden fu*king up.
+34   

 2 months ago '08        #5
Tredhead 
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 Ghostface k*lla said
Bidens America

Not surprised this thread is empty
This is trump’s Obama’s Clinton’s bush’s and Reagan’s America as well
+3   

 2 months ago '04        #6
jsmooth-117 
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 Tredhead said
This is Trash they get to hide all their money and wanna come after the small guys… Typical
There's a reason its called theIRS.
+9   

 2 months ago '21        #7
MacJokerJones 
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it is only for goods and services sold.

you can still use friends and family for your plugs and lunch boxes you idiot fu*ks.
-12   

 2 months ago '20        #8
LordGimmeASign 
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 MacJokerJones said
it is only for goods and services sold.

you can still use friends and family for your plugs and lunch boxes you idiot fu*ks.
I don't think people that posted above you are tripping about regular p2p transfers.
+7   

 2 months ago '20        #9
LordGimmeASign 
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Wait, so let's say for instance if a simp happened to make it rain in a chick's Cash App for ≥$600, especially if it was on some OF sub sh*t and it raises suspicion with Uncle Sam. Could the chick be liable tax wise and could the simp write that off?



sh*t tax season is coming up soon too...
+6   

 2 months ago '16        #10
Ghostface Killa  topics gone triple plat - Number 1 spot x1
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 Tredhead said
This is trump’s Obama’s Clinton’s bush’s and Reagan’s America as well
Nah, none of them unleashed the IRS on working class citizens while pretending they're going after the rich to pay their fair share.


Biden is the sh*t president we all knew he would be


Last edited by Ghostface Killa; 10-20-2021 at 09:20 AM..
+22   

 2 months ago '16        #11
Frankie Needles  topics gone triple plat - Number 1 spot x6
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 LordGimmeASign said
Wait, so let's say for instance if a simp happened to make it rain in a chick's Cash App for ≥$600, especially if it was on some OF sub sh*t and it raises suspicion with Uncle Sam. Could the chick be liable tax wise and could the simp write that off?



sh*t tax season is coming up soon too...
Yes she would, actually she'd be doubly responsible. A lot of girls on OF haven't set up nor report income on their LLC properly, so there is that tax liability...and a lot use cash app to circumvent Onlyfans 20%, so where they thinking they ducking out on paying OF 20%, they're probably gonna get hit worse with that IRS tax
+5   

 2 months ago '19        #12
Megaman 
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 Tredhead said
This is trump’s Obama’s Clinton’s bush’s and Reagan’s America as well
No, it's actually Biden's America.

Stop trying to deflect. It's not working, and you are not good at it.
+11   

 2 months ago '06        #13
illathruz 
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Just pay your fu*king taxes and stop acting like a damn greedy Republican.

You'd think these sonsabi*ches would love government given the amount if money they stole with them PPP loans
-24   

 2 months ago '08        #14
Tredhead 
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 Megaman said
No, it's actually Biden's America.

Stop trying to deflect. It's not working, and you are not good at it.
No Deflection this is def trash but I was saying they all been g-ing the people for years some def worse then others but all of em have and if you think otherwise they got you too
+1   

 2 months ago '15        #15
Eddiemia07 
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Sneaker resellers
+7   

 2 months ago '17        #16
Fortune  topics gone triple plat - Number 1 spot x1
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the "at least he's not trump" crowd be quiet as hell everytime some bullsh*t come out bout dude man.

sh*t getting ugly out here.
+12   

 2 months ago '20        #17
Mysticman  topics gone triple plat - Number 1 spot x19
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So if I make $600 then loan a friend that $600 to get his car fixed until his next paycheck and he pays me back a week later, does that mean I'll be taxed twice?(once on the $600 I made, then again since the government wont know I loan him that money and he was simply paying me back)
+5   

 2 months ago '17        #18
andsam 
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IRS getting creative, scraping the absolute bottom of the bottle.. Smells like desperation
+14   

 2 months ago '09        #19
messy marv stan  topics gone triple plat - Number 1 spot x73 OP
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 Mysticman said
So if I make $600 then loan a friend that $600 to get his car fixed until his next paycheck and he pays me back a week later, does that mean I'll be taxed twice?(once on the $600 I made, then again since the government wont know I loan him that money and he was simply paying me back)

i think so. its probably gonna be yet another irs mafia form to file that nobody at the irs even attempts to read

 2 months ago '07        #20
Exquisit 
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modern day extortion, mafia style
+9   

 2 months ago '20        #21
Mysticman  topics gone triple plat - Number 1 spot x19
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 messy marv stan said
i think so. its probably gonna be yet another irs mafia form to file that nobody at the irs even attempts to read
They want to tax the little guys but won't do sh*t about the 1 billion dollars worth of drugs found on the JP Morgan ship
+11   

 2 months ago '11        #22
SomeOnesoN  topics gone triple plat - Number 1 spot x2
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I thought they were supposed to go after the rich? Biden's fu*king up. The rich doesn't use apps like cashapp, venmo, etc. Even if they did, you can't send or receive over a certain amount. I hope this is fought over in court because this is an invasion of privacy covered by the 4th amendment. The people gave government permission to go after the rich, not to go after us, the people. fu*k Biden, bruh.
+11   

 2 months ago '11        #23
SomeOnesoN  topics gone triple plat - Number 1 spot x2
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 Fortune said
the "at least he's not trump" crowd be quiet as hell everytime some bullsh*t come out bout dude man.

sh*t getting ugly out here.
they are both sh*tty, but sh*tty in different ways. Trump was bringing about a dictatorship, where he was the dictator. He tried strong arming Democracy, making deals with other superpowers that he shouldn't have had the power or even the means to do. We almost went to war with Iran for fu*ks sake. Nah bruh, another 4 years of that moron would have spelled absolute destruction of the Democratic system of the US.

With that said, fu*k Joe Biden. He's of the establishment, of the elite, who's old as fu*k and terribly out of touch. At least he's working within the confines of the system, at least more so than the orange bastard.
+2   

 2 months ago '05        #24
arkansas@$$hole  topics gone triple plat - Number 1 spot x1
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Businesses aren’t the main reason for this……. OnlyFans is the real hidden reason along with that simp money these chicks get.
+2   

 2 months ago '16        #25
NEWYORKTlMES  topics gone triple plat - Number 1 spot x2
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Biden’s america
I’ll be first in line to vote for trump in 24
+5   



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