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Posted by
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IRS warns taxpayers about new $600 threshold for third-party payment reporting
Posted by Oates Mustache
on 11/26/22 at 10:37 am
77
10 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.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by El Segundo Guy 
on 11/26/22 at 10:39 am to Oates Mustache
on 11/26/22 at 10:39 am to Oates MustacheEverything that comes from the Feds is a fricking joke.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by trilambdaexpression on 11/26/22 at 10:40 am to Oates Mustache
I'm sure the audits will be fair and unbiased.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by SlowFlowPro 
on 11/26/22 at 10:40 am to Oates Mustache
on 11/26/22 at 10:40 am to Oates MustacheThis is going to cause such a shite show
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Realityintheface 
on 11/26/22 at 10:41 am to Oates Mustache
on 11/26/22 at 10:41 am to Oates MustacheMore 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.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Pedro 
on 11/26/22 at 10:42 am to Oates Mustache
on 11/26/22 at 10:42 am to Oates MustacheOne of the biggest travesties of government is all the hoops they make you jump through to make sure they frick you properly.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Proximo on 11/26/22 at 10:43 am to Oates Mustache
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
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Turnblad85 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?
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by EZE Tiger Fan 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
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Oates Mustache on 11/26/22 at 10:44 am to SlowFlowPro
on 11/26/22 at 10:44 am to SlowFlowProquote:
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.
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re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Pitt Road 
on 11/26/22 at 10:48 am to SlowFlowPro
on 11/26/22 at 10:48 am to SlowFlowProquote:
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?
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Oates Mustache on 11/26/22 at 10:48 am to Turnblad85
on 11/26/22 at 10:48 am to Turnblad85quote:
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.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Turnblad85 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.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by HoustonGumbeauxGuy 
on 11/26/22 at 10:53 am to Oates Mustache
on 11/26/22 at 10:53 am to Oates MustacheIt was $500, looks like they are cutting us a break
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by tenderfoot tigah on 11/26/22 at 10:54 am to Oates Mustache
on 11/26/22 at 10:54 am to Oates MustacheDemocrats 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.
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Ed Osteen 
on 11/26/22 at 10:56 am to Turnblad85
on 11/26/22 at 10:56 am to Turnblad85Tried to sell some LSU tickets a month ago and wouldn’t let me list them without my federal tax ID. ridiculous
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by SlowFlowPro on 11/26/22 at 10:56 am to Pitt Road
on 11/26/22 at 10:56 am to Pitt Roadquote:
You were just on the Politics Board saying this type of over reach is fine and not a problem.
What a straw man
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by themunch on 11/26/22 at 10:57 am to Oates Mustache
on 11/26/22 at 10:57 am to Oates MustacheStay off my lawn
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Dawgholio 
on 11/26/22 at 10:58 am to Oates Mustache
on 11/26/22 at 10:58 am to Oates MustacheYet, 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
re: IRS warns taxpayers about new $600 threshold for third-party payment reportingPosted by Breauxsif on 11/26/22 at 10:58 am to Oates Mustache
on 11/26/22 at 10:58 am to Oates Mustachefricking corrupt Government
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