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Started By
Message
FJB-another overreach by this administration and the IRS…..Venmo, Cashapp, PayPal related!
Posted on 3/3/22 at 10:08 am
Posted on 3/3/22 at 10:08 am
So just found out that Venmo will be sending out 1099-k forms to those individuals with transactions over $600 dollars!! It used to be transactions over $20,000 but the scum that is the Democrat party and the IRS ofcourse want their money!!
I really don’t care to give more money to this government knowing how much they will just flush it down the toilet!! I can guarantee you that me keeping more of my money will be better for the economy!!
FJB and the IRS
I really don’t care to give more money to this government knowing how much they will just flush it down the toilet!! I can guarantee you that me keeping more of my money will be better for the economy!!
FJB and the IRS
15
Posted on 3/3/22 at 10:10 am to Andyv1995
Receipts or payments?
Posted on 3/3/22 at 10:11 am to Andyv1995
EBay is doing the same thing
Posted on 3/3/22 at 10:13 am to Andyv1995
Irresponsible
Reckless
Shitheads
Reckless
Shitheads
Posted on 3/3/22 at 10:17 am to Andyv1995
This isn't an overreach. This was in the infrastructure bill that passed last year. Get it repealed or it stays law.
Posted on 3/3/22 at 10:17 am to Andyv1995
They have a “transfer between friends” option, versus the “goods and services “ option.
My guess is transfer between friends is not within scope of taxing and its only for sales of goods and services.
My guess is transfer between friends is not within scope of taxing and its only for sales of goods and services.
This post was edited on 3/3/22 at 10:22 am
Posted on 3/3/22 at 10:19 am to squid_hunt
quote:
This isn't an overreach
Yes it is.
quote:
This was in the infrastructure bill that passed last year. Get it repealed or it stays law.
Aka...gov over reach
Posted on 3/3/22 at 10:20 am to Andyv1995
Yes they sneaked this in the American Rescue Plan Act for all digital money transactions. People were distracted by the "free money" in the bill and didn't pay attention to the details. People will find out when taxes come due next year that the "free money" wasn't really free.
Posted on 3/3/22 at 10:27 am to jatilen
quote:
Yes they sneaked this in the American Rescue Plan Act for all digital money transactions. People were distracted by the "free money" in the bill and didn't pay attention to the details. People will find out when taxes come due next year that the "free money" wasn't really free.
If you are a representative in the house, how the hell do you not know what is in a bill? Same with the senators!!
Posted on 3/3/22 at 10:28 am to Andyv1995
member when they said this was only a pilot program in the rescue plan bill? They said it won't be permanent, lol. Our government is really immutable when it comes to overreach.
Posted on 3/3/22 at 10:29 am to squid_hunt
Get fricked shill
This post was edited on 3/3/22 at 10:29 am
Posted on 3/3/22 at 10:30 am to BobBoucher
quote:
My guess is transfer between friends is not within scope of taxing and its only for sales of goods and services.
And you really think the IRS is not going to peak into that transaction and get involved?
Posted on 3/3/22 at 10:31 am to BobBoucher
quote:
My guess is transfer between friends is not within scope of taxing and its only for sales of goods and services.
Dont count on it. It's Democrats in charge and they want more taxes!
Posted on 3/3/22 at 10:31 am to Jjdoc
quote:
Aka...gov over reach
The OP title blames Biden and the IRS. Put the blame where it belongs and make the right corrections by adding pressure in the right places. Or shake your fist in the air and yell impotently. Either works just as well.
Posted on 3/3/22 at 10:31 am to Andyv1995
quote:
o just found out that Venmo will be sending out 1099-k forms to those individuals with transactions over $600 dollars!! It used to be transactions over $20,000 but the scum that is the Democrat party and the IRS ofcourse want their money!!
Is the number cumulative or per occurrence? That is important.
Posted on 3/3/22 at 10:35 am to ShermanTxTiger
quote:
Is the number cumulative or per occurrence? That is important.
Per transaction
Posted on 3/3/22 at 10:37 am to squid_hunt
quote:
The OP title blames Biden and the IRS. Put the blame where it belongs and make the right corrections by adding pressure in the right places. Or shake your fist in the air and yell impotently. Either works just as well.
Who’s in charge of the government??
Who signed this POS law INTO law?
Posted on 3/3/22 at 10:41 am to Andyv1995
How many times are we going to talk about this?
When it asks you if payment is for goods or services, say no.
Fixed.
The IRS is trying to go after legit businesses who are underreporting income, not you splitting your Sonic order with a friend.
When it asks you if payment is for goods or services, say no.
Fixed.
The IRS is trying to go after legit businesses who are underreporting income, not you splitting your Sonic order with a friend.
Posted on 3/3/22 at 10:41 am to Andyv1995
LINK
Frankly, i don't see what the big deal is. If you are running a legitimate business through Venmo, then you should be paying taxes?
If you are paying friends for covering your $20 lunch, then you shouldn't pay taxes.
Seems right?
Put your anger elsewhere, and literally just go google something before you get mad.
quote:
1. What are the new reporting requirements exactly?
Starting the 2022 tax year, the IRS will require reporting of payment transactions for goods and services sold that meets or exceeds $600 in a calendar year. Anyone who receives at least $600 in payments for goods and services through Venmo, or any other payment app, can expect to receive a Form 1099-K.
This requirement only pertains to payments received for sales of goods and services and DOES NOT apply to friends and family payments.
Frankly, i don't see what the big deal is. If you are running a legitimate business through Venmo, then you should be paying taxes?
If you are paying friends for covering your $20 lunch, then you shouldn't pay taxes.
Seems right?
Put your anger elsewhere, and literally just go google something before you get mad.
Posted on 3/3/22 at 10:44 am to Andyv1995
So, let's say I buy a used product for $1,000, then decide to sell it a few months later for $800 and the purchaser pays me by Venmo. I'll owe taxes on the $800? Help me understand.
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