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Started By
Message
IRS warns taxpayers about new $600 threshold for third-party payment reporting
Posted on 11/26/22 at 10:37 am
Posted on 11/26/22 at 10:37 am
LINK
Yall ready for your audits? FJB
So you get it by mistake, YOU have to fix it, spend time on it.
Yall ready for your audits? FJB
quote:
Before 2022, the federal Form 1099-K reporting threshold was for taxpayers with more than 200 transactions worth an aggregate above $20,000. However, Congress slashed the limit as part of the American Rescue Plan Act of 2021, and a single transaction over $600 may now trigger the form.
quote:
Aimed at closing the tax gap — a top priority of the Biden administration — the provision is estimated to bring in $8.4 billion from fiscal year 2021 to 2031, according to the Joint Committee on Taxation.
"It's going to be a new form for a lot of people," said Adam Markowitz, an enrolled agent and vice president at Howard L Markowitz PA, CPA in Windermere, Florida. "And the worst thing they can do is ignore it."
quote:
Although the change aims to collect taxes on income, not personal transactions, experts say it's possible some filers may receive Form 1099-K by mistake.
So you get it by mistake, YOU have to fix it, spend time on it.
47
Posted on 11/26/22 at 10:39 am to Oates Mustache
Everything that comes from the Feds is a fricking joke.
Posted on 11/26/22 at 10:40 am to Oates Mustache
I'm sure the audits will be fair and unbiased.
Posted on 11/26/22 at 10:40 am to Oates Mustache
This is going to cause such a shite show
Posted on 11/26/22 at 10:41 am to Oates Mustache
More fraud is going to happen by sellers. It’s going to be forced to go friends and family payments and the criminals will feast like they took down an elephant.
Posted on 11/26/22 at 10:42 am to Oates Mustache
One of the biggest travesties of government is all the hoops they make you jump through to make sure they frick you properly.
Posted on 11/26/22 at 10:43 am to Oates Mustache
“Tax gap”
RIP only fans ladies and hustlers on eBay and StockX who voted for Biden when he said he’d never raise your taxes
RIP only fans ladies and hustlers on eBay and StockX who voted for Biden when he said he’d never raise your taxes
Posted on 11/26/22 at 10:43 am to Oates Mustache
I got a notice from ebay that said before they can deposit anymore money in my checking account from the junk I've sold I had to give them my social number. It was because I was over the $600 limit.
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
Posted on 11/26/22 at 10:44 am to Oates Mustache
Well at least our team won't worry about the IRS harassing us. The majority of us who voted for this don't pay taxes anyway.
Sincerely,
Progressives
Sincerely,
Progressives
Posted on 11/26/22 at 10:44 am to SlowFlowPro
quote:
This is going to cause such a shite show
I love how if you get the form by mistake, you have to contact the seller to fix it. You have to fix other people's frick ups.
Posted on 11/26/22 at 10:48 am to SlowFlowPro
quote:
This is going to cause such a shite show
You were just on the Politics Board saying this type of over reach is fine and not a problem. WTF?
Posted on 11/26/22 at 10:48 am to Turnblad85
quote:
So I guess now I will pay taxes on stuff that I've already paid taxes on and now resold?
Exactly. Taxing people on shite that's already been taxed.
Posted on 11/26/22 at 10:52 am to Oates Mustache
They already charge sales tax. The buyer pays it but I know it reduces the total amount the buyer wants to pay thus reducing my sale price.
So I guess this K-form will be added to my income tax.
So I guess this K-form will be added to my income tax.
Posted on 11/26/22 at 10:53 am to Oates Mustache
It was $500, looks like they are cutting us a break
Posted on 11/26/22 at 10:54 am to Oates Mustache
Democrats are now taxing the equivalent of garage sales so they can hand out more money like Santa Claus to get more votes. Democrats are pathetic.
Posted on 11/26/22 at 10:56 am to Turnblad85
Tried to sell some LSU tickets a month ago and wouldn’t let me list them without my federal tax ID. ridiculous
Posted on 11/26/22 at 10:56 am to Pitt Road
quote:
You were just on the Politics Board saying this type of over reach is fine and not a problem.
What a straw man
Posted on 11/26/22 at 10:57 am to Oates Mustache
Stay off my lawn
Posted on 11/26/22 at 10:58 am to Oates Mustache
Yet, right now, the Biden Administration is spending billions on Covid booster shots that no one is taking and they will expire and be thrown away
Posted on 11/26/22 at 10:58 am to Oates Mustache
fricking corrupt Government
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