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

Beware of the digital dollar. It's designed to track everything. That's the primary driver behind it, not convenience

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JUST frickING TELL US WHAT YOU THINK WE OWE YOU AND LET US DISPUTE IT IF WE DISAGREE.

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I hope this was a joke or that you are like 20 years old just exploring ideas.

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the Biden Administration is spending billions on Covid booster shots that no one is taking

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I know the popular thing to do is to blame the president you don't like, but lets be real. Trump also wasted a lot of money during covid. Read the book Pandemic, Inc. You can't blame everything on one party. Its the government in general.

Under Trump, go look at some of the companies who received millions because they promised they could deliver mask, PPEs, etc.. Some had ties to Jarod Kushner, Trump, democratic law makers, etc. No be naive and think that if one party was in power there would be no wasting money, etc. It doesn't matter who is president, the government is going to find ways to get what they can.

The government wants as many businesses to be no cash accepted as possible because they want to see as much money as we handle as possible. What blows my mind is that a bunch of idiots on the internet will argue over all kind of stupid conspiracies on how the government is trying to control us and completely ignore the one way they are actually doing it.

I have a few things I'd like to sell and I have no idea what the basis is - i'm talking a couple of grand - this $600 bullshite is making me not want to sell. I'm going to wait it out it out until some sanity gets back into DC

This is a record keeping nightmare

Unfortunately cash Won’t be an option once they usher in the cyber currency system & they destroy the USD$, which is all in the process as we speak.

They are bringing cyber system to stop cash deals and money laundering for the peasants. DC is the Ultimate Mafia with their own miney printing machines & now addt’l 87,000 IRS aka GESTAPO AGENTS

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I have a few things I'd like to sell and I have no idea what the basis is - i'm talking a couple of grand - this $600 bullshite is making me not want to sell. I'm going to wait it out it out until some sanity gets back into DC

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If the individual items (plus shipping) are less than $600 then you can spread it over tax years, sell some now then sell more next January. Also if you are getting paid via PayPal and the buyer (and platform you are using) agrees to use a friends transfer, then the tax reporting doesn’t apply.

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your lack of self awareness astounds me at times

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It amazes me how yall think its just one side. As if both sides are not out to screw you. Yall really can't be this blind? Its sad but its funny.

Do you really believe within the government there is a "good side"? I know you do, that's a dumb question, but you should probably really evaluate things. Both sides don't give a frick about you. They just need your loyal vote. Loyalty isn't a great trait to have.

So ridiculous they put this in that American Rescue Plan Act of 2021.

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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.

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$8.4 billion over a decade. The government spends that much about every half hour.

It was nice selling random stuff on the side online and not having to worry about reporting it. Limit should have stayed at 20k.

I understand there are ways to report you sold at a loss, but I prefer not to deal with all that.

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The challenge with the new lower threshold amount of $600 for Form 1099-K is that personal payments and reimbursements could be incorrectly reported as taxable transactions.

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It's just so stupid they resorted to this.