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Started By
Message
IRS delays reporting rule for $600 electronic payments
Posted on 12/24/22 at 9:25 am
Posted on 12/24/22 at 9:25 am
quote:This just In: Three people familiar with the matter say that the IRS is awaiting eleventy billion dollars for extra agents to tax the taxing issue on our environment.
washingtontimes.com
The IRS is delaying a new plan that would have subjected Americans’ electronic payments on apps such as PayPal and Venmo to new scrutiny, bowing to intense pressure from consumers and Congress.
The rule would have required companies to file a form showing total payments of $600 or more for taxable transactions. With the delay, the old threshold for reporting — at least 200 transactions and $20,000 in total payments — remains in effect for the tax year 2022.
This year will now be a “transition period” so consumers and companies can figure things out, said acting IRS Commissioner Doug O’Donnell.
“To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements,” he said when announcing the delay on Friday.
Democrats had tucked the $600 reporting requirement in their coronavirus stimulus plan last year, figuring it would help the IRS go after people who were using cash apps to hide income.
But people had worried that the companies wouldn’t be able to sort out taxable sales from other transactions such as reimbursing roommates for rent or friends sharing the cost of a meal.
'Taxing bathroom business' was passed by Congress in the bill passed at 2:30 in the morning last week. Also: double taxation of toilet paper and taxed per turd law number eleventy one niner.
12
Posted on 12/24/22 at 9:27 am to cajunangelle
People and businesses should just go on a tax strike at this point and force the government to show its true colors
Posted on 12/24/22 at 9:29 am to cajunangelle
This new $600 transaction rule is just a warm-up to eventual scrutiny of every penny of transactions being monitored by Big Brother, i.e. Central Bank Digital Currencies.
This post was edited on 12/24/22 at 9:29 am
Posted on 12/24/22 at 9:33 am to cajunangelle
Newsflash: they already monitor all your transactions, they are just trying to make a way to make it legal
Posted on 12/24/22 at 9:36 am to cajunangelle
quote:
Democrats had tucked the $600 reporting requirement in their coronavirus stimulus plan last year, figuring it would help the IRS go after people who were using cash apps to hide income.
Tbh it sounds like something that would “disproportionately affect minorities and disadvantaged persons” aka is raysis af according to the modern definition of “raysis af”.
Illegals who can’t open bank accounts so they use cash app. Side gigs like cutting hair or grass or doing nails… those aren’t things rich folk be doing.
Posted on 12/24/22 at 9:42 am to beerJeep
Also: in this horrific economy people losing jobs and need to move to another State to get a job....Will have quick yard sales. So if you are trying to sell your extra bedroom sets, sofa's chairs, dining room tables to downsize (or have money to eat) you are taxed on the sales.
You paid the tax once for the bedroom set, so is it not technically double taxation?
You paid the tax once for the bedroom set, so is it not technically double taxation?
Posted on 12/24/22 at 10:01 am to cajunangelle
They won’t even need to do this once they get rid of cash and bring us to a digital currency.
I’ll tell everyone here, if there’s anything we need to fight for it’s this.
NEVER let them implement a digital currency upon us. If there’s ever an issue to take to the fullest.
I’ll tell everyone here, if there’s anything we need to fight for it’s this.
NEVER let them implement a digital currency upon us. If there’s ever an issue to take to the fullest.
Posted on 12/24/22 at 10:03 am to Deuces
quote:
NEVER let them implement a digital currency upon us
Using a debit/ credit is basically digital currency that they can already track
Posted on 12/24/22 at 10:09 am to Cobra Tate
True. I was curious before about direct deposits and what all the bank terms mean. ACH DD or whatever. It is a centralized bank thing somehow. And we know the govt has their hands in it.
Posted on 12/24/22 at 10:31 am to cajunangelle
quote:
would have subjected Americans’ electronic payments
will subject Americans’ electronic payments
Posted on 12/24/22 at 10:42 am to Eli Goldfinger
How will the "will work for cash" sign holders at stores and street corners manage the coming transformation?
Posted on 12/24/22 at 12:27 pm to cajunangelle
Gotta hire, arm, and train those 80,000 new enforcers.
Posted on 12/24/22 at 12:29 pm to cajunangelle
But is the director of the IRS still getting a full time chauffeur? Let's keep this real.
Posted on 12/24/22 at 12:36 pm to Deuces
quote:
I’ll tell everyone here, if there’s anything we need to fight for it’s this.
NEVER let them implement a digital currency upon us. If there’s ever an issue to take to the fullest.
This this and this.
Game over if a digital currency ever rolls out
Posted on 12/24/22 at 12:58 pm to Cobra Tate
quote:
Using a debit/ credit is basically digital currency that they can already track
The tracking is the least of the government abuse a CBDC will cause
Posted on 12/24/22 at 2:30 pm to ksayetiger
quote:
Newsflash: they already monitor all your transactions, they are just trying to make a way to make it legal
Bingo! No more pesky judicial oversight
Posted on 12/24/22 at 3:16 pm to timdonaghyswhistle
quote:
But is the director of the IRS still getting a full time chauffeur? Let's keep this real.
And is he paying taxes on that valuable work benefit?
Posted on 12/24/22 at 3:43 pm to beerJeep
quote:
Side gigs like cutting hair or grass or doing nails… those aren’t things rich folk be doing.
Going to be interesting to see the effects on the illegal narcotics trade.
Posted on 12/24/22 at 3:44 pm to theunknownknight
Every big company in the country can use any loophole they can find to screw the IRS out of billions of dollars, but it’s regular Joes buying something for $600 from their neighbor that are the problem. Makes sense.
Posted on 12/24/22 at 3:46 pm to Froman
quote:
but it’s regular Joes buying something for $600 from their neighbor that are the problem. Makes sense.
These are your peeps doing this nonsense.
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