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re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Posted on 11/26/22 at 11:17 am to Obtuse1
Posted on 11/26/22 at 11:17 am to Obtuse1
quote:
The initial limit of 20K or (I think) 200 transactions was IMO reasonable because there were a lot of people using eBay as a business but didn't report the income. Dropping it to $600 is just a joke and will cost people time and money well above any "profit" just to deal with their tax prep.
100%
The pandemic and Cashapp changed everything and the government flipped out at the lax oversight by the processors.
1
Posted on 11/26/22 at 4:28 pm to SlowFlowPro
quote:
The pandemic and Cashapp changed everything and the government flipped out at the lax oversight by the processors.
This had been going on.
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