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Oates Mustache
US Space Force Fan
Member since Oct 2011
21302 posts

IRS warns taxpayers about new $600 threshold for third-party payment reporting

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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.


El Segundo Guy
Missouri Fan
SE OK
Member since Aug 2014
6573 posts
 Online 

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Everything that comes from the Feds is a fricking joke.


trilambdaexpression
Member since Nov 2022
166 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
I'm sure the audits will be fair and unbiased.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
399550 posts
 Online 

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
This is going to cause such a shite show


Realityintheface
USA Fan
Member since May 2022
1784 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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.


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471
Pedro
LA-Monroe Fan
Geaux Hawks
Member since Jul 2008
29948 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
One of the biggest travesties of government is all the hoops they make you jump through to make sure they frick you properly.


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1211
Proximo
USA Fan
Member since Aug 2011
10823 posts
 Online 

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
“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


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1062
Turnblad85
Member since Sep 2022
129 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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?


EZE Tiger Fan
Member since Jul 2004
46349 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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


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634
Oates Mustache
US Space Force Fan
Member since Oct 2011
21302 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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.


TD SponsorTD Fan
USA
Member since 2001
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Pitt Road
Pittsburgh Fan
Floriduh
Member since Aug 2017
648 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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?


Oates Mustache
US Space Force Fan
Member since Oct 2011
21302 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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.


Turnblad85
Member since Sep 2022
129 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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.


HoustonGumbeauxGuy
LSU Fan
Member since Jul 2011
26299 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
It was $500, looks like they are cutting us a break


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135
tenderfoot tigah
LSU Fan
Red Stick
Member since Sep 2004
9243 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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.


Ed Osteen
New Orleans Saints Fan
Member since Oct 2007
56478 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Tried to sell some LSU tickets a month ago and wouldn’t let me list them without my federal tax ID. ridiculous


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
399550 posts
 Online 

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
quote:

You were just on the Politics Board saying this type of over reach is fine and not a problem.

What a straw man


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347
themunch
LSU Fan
Down a red dirt road
Member since Jan 2007
60954 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Stay off my lawn


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017
Dawgholio
Georgia Fan
Bugtussle
Member since Oct 2015
13047 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
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


Breauxsif
LSU Fan
Member since May 2012
20303 posts

re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
fricking corrupt Government


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