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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.
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 10:53 am to Oates Mustache
It was $500, looks like they are cutting us a break
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
Posted on 11/26/22 at 11:00 am to Oates Mustache
All that for $8.4B? Coulda just left that rule the same and not sent the last bucket of cash to Ukraine
Posted on 11/26/22 at 11:09 am to Oates Mustache
It's amazing to me that people vote for this shite.
Posted on 11/26/22 at 11:20 am to Oates Mustache
Use cash, use cash… never vote Democrat.
Posted on 11/26/22 at 11:28 am to Oates Mustache
So lots of 599$ payments to not trigger...
Posted on 11/26/22 at 11:37 am to Oates Mustache
My handyman has already started requesting to be paid in cash. $500 installments.
Posted on 11/26/22 at 11:45 am to Oates Mustache
The IRS is so disorganized, no way they can implement a pland and execute.....they are full of left wing dems and very stupid people!
I ain't worried.
I ain't worried.
Posted on 11/26/22 at 11:47 am to Oates Mustache
The single biggest frickery of the IRS is that they have you fill out a bunch of forms and do the math to tell them what we think we owe. But if you don't pay enough, then they tell you what you owe and charge you a penalty for doing it.
JUST frickING TELL US WHAT YOU THINK WE OWE YOU AND LET US DISPUTE IT IF WE DISAGREE.
JUST frickING TELL US WHAT YOU THINK WE OWE YOU AND LET US DISPUTE IT IF WE DISAGREE.
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