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Dec 1 - The IRS inform citizens they most report all payments of $600 a change from $200k



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 2 months ago '22        #1
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Dec 1 - The IRS inform citizens they most report all payments of $600 a change from $200k
 

 



The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal.

The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal PYPL, 0.41% to file a tax form known as Form 1099-K.

The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency.


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The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, according to accountants.

Before this year, the threshold for filing a Form 1099-K report was at least 200 transactions totaling an aggregate of at least $20,000.

When Congress passed the American Rescue Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600.

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The Biden administration hopes that by reducing the threshold, the measure will crack down on Americans evading taxes by not reporting the full extent of their gross income.

The proposal was offered as a way to help pay for a $3.5 trillion social spending bill that would invest in climate programs, child care and education.

Tommy Lucas, an Orlando, Fla.-based certified financial planner, told CNBC that filers must include any sum that is reported on Form 1099-K as part of their business income.

Failure to do so could trigger an audit since the IRS obtains a copy of Form 1099-K directly from the third-party payment facilitator.

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But the provision has been met with pushback from sites like Etsy ETSY, 4.60% and eBay EBAY, -0.03%, who joined with smaller retailers to create the “Coalition for 1099-K Fairness,” which they say is aimed at protecting “casual online sellers and microbusinesses from unfair tax and privacy burdens.”


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Earlier this year, President Joe Biden signed into law the Inflation Reduction Act, which includes a provision that will lead to the hiring of 87,000 additional IRS agents.

The nonpartisan watchdog Joint Committee on Taxation said it anticipates that between 78% and 90% of the estimated $200 billion that the IRS will collect as a result of the bolstered workforce will come from small businesses.

President Biden and the Democratic Party have insisted that Americans earning less than $400,000 annually would not have to pay a cent more in taxes.

But the Joint Committee on Taxation disputes this, saying that between 4% and 9% of the money collected will come from businesses that earn above $500,000 a year.

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176 comments
 

 2 months ago '04        #2
skillahmang 
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This is still unclear if this includes splitting rent,trips,dinners or gifting friends on these apps.

IRS mafia is a*s
+79   

 2 months ago '09        #3
messy marv stan  topics gone triple plat - Number 1 spot x93
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the irs is not that desperate to steal even more money from the american people


irs is the biggest and most powerful legal criminal extortion racket on the planet

@ why the slap

do you work for the irs


Last edited by messy marv stan; 12-01-2022 at 05:49 PM..
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 2 months ago '22        #4
Booda Sack  topics gone triple plat - Number 1 spot x10 OP
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 messy marv stan said
the irs is not that desperate to steal even more money from the american people


irs is the biggest and most powerful legal criminal extortion racket on the planet


At least they don’t rob you the send twitter fingers


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 2 months ago '04        #5
ItAlY2BkLyN 
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 2 months ago '18        #6
Proffesor X  topics gone triple plat - Number 1 spot x4
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This is what these idiots voted for.......they really thought they hired all those agents to attack the rich.......like when the fu*k does the American gov EVER go after the rich..............they are the fu*king rich

People will never fu*king get it...........
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Top 10 most propped recently  2 months ago '04        #7
zone3cp 
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 2 months ago '10        #8
datguyjr 
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Imagine if everyone not in the 1% stopped paying their taxes, what they gonna do, send us all to jail?
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 2 months ago '17        #9
FreeSmoke  topics gone triple plat - Number 1 spot x5
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 Proffesor X said
This is what these idiots voted for.......they really thought they hired all those agents to attack the rich.......like when the fu*k does the American gov EVER go after the rich..............they are the fu*king rich

People will never fu*king get it...........
We got retards who didn't finish middle school & agents browsing pol
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 2 months ago '09        #10
messy marv stan  topics gone triple plat - Number 1 spot x93
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 ItAlY2BkLyN said






sbf claims he allegedly only has $100k left

dude masterminded 1 of the biggest ponzi schemes of all time
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 2 months ago '22        #11
Booda Sack  topics gone triple plat - Number 1 spot x10 OP
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 messy marv stan said




sbf claims he allegedly only has $100k left

dude masterminded 1 of the biggest ponzi schemes of all time
He’s going to get away with it too
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 2 months ago '05        #12
bklyn 
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You get what you vote for

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 2 months ago '05        #13
Carpe_DM 
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Joe Biden ladies and gentlemen.
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 2 months ago '07        #14
OVERLORD 
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this is a fu*king racket
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 2 months ago '17        #15
LordOfSwag2020 
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Trump 2024!!!
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 2 months ago '17        #16
Poncho520 
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They preying on the ignorant


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 2 months ago '05        #17
Tha Boss  topics gone triple plat - Number 1 spot x21
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 crackrock said
The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, according to accountants.

So how would someone inform the irs that? And what’s stopping someone from saying ALL the transactions were. non commercial
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 2 months ago '22        #18
ITookTheRedPill 
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Bruh ain't nobody got time to be filling out forms over nonsense. I zelle money back and forth between my wife and I accounts because certain bills are connected to different bank accounts. Nothing illegal going on. THANKS JOE!!!
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 2 months ago '14        #19
El Caballero  topics gone triple plat - Number 1 spot x6
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 ITookTheRedPill said
Bruh ain't nobody got time to be filling out forms over nonsense. I zelle money back and forth between my wife and I accounts because certain bills are connected to different bank accounts. Nothing illegal going on. THANKS JOE!!!
Legitimate things to complain about here but this isn't one of them
you wouldn't have to report this at all
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 2 months ago '06        #20
BigRed912 
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IRS can fu*k right on off!

Not paying them funky muthafu*kas sh*t!
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 2 months ago '22        #21
Booda Sack  topics gone triple plat - Number 1 spot x10 OP
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 Tha Boss said
So how would someone inform the irs that? And what’s stopping someone from saying ALL the transactions were. non commercial
You’re almost there
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 2 months ago '12        #22
njrp77 
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 datguyjr said
Imagine if everyone not in the 1% stopped paying their taxes, what they gonna do, send us all to jail?
whatever % income tax you pay on the money you earn from work you are that % a slave
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 2 months ago '18        #23
Dehone 
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I thought that sh*t got mixed after getting hella pushback when first introduced
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 2 months ago '04        #24
octane 
Props total: 15690 15 K  Slaps total: 2494 2 K
They dont give a sh*t about the average American. They can bail out corporations and give tax breaks to the rich. Its a fu*king war just to get Student Loan Relieve. Now they want a cut of your little 2s and fews. If you can get paid under the table in cash, cherish that sh*t. fu*k
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 2 months ago '06        #25
Skateboard T  topics gone triple plat - Number 1 spot x7
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 skillahmang said
This is still unclear if this includes splitting rent,trips,dinners or gifting friends on these apps.

IRS mafia is a*s
It’s only for commercial transactions.
+2   



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