Posted on 01/07/2022 6:27:42 PM PST by Rusty0604
Starting this month, third-party payment vendors will report $600 in total annual transitions to the IRS. That’s not every transaction of $600 or more. That’s if you do more than $600 worth of business with any of them over the course of an entire year.
Vendors will also need to see your tax information, comrades.
PayPal, Venmo, and others are acting in compliance with the American Rescue Plan Act, passed by Democrats on a strict party-line vote in both houses, and signed into law last year by Presidentish Joe Biden.
Are you feeling rescued yet?
Biden had promised not to raise taxes on anyone making less than $400,000, but to be totally fair, he never said a damn thing about not using the IRS to stamp down on “deadbeats” who failed to report that commemorative spoon collection sold on eBay for $650.
Compliance costs, it’s easy to predict, will be passed right along to those very same users who might have some ‘splainin to do to the IRS.
You didn’t think Biden needed those 80,000 new IRS agents to cover a few hundred billionaires, did you?
(Excerpt) Read more at pjmedia.com ...
The American Rescue Plan Act passed by Congress, I mean passed by Democrats.
PayPal started spamming me this week with “offers” I have absolutely NO interest in. I searched earlier tonight for a way to opt out, but couldn’t find it on the mobile app.
I HATE it when companies I do business with start spamming me. There have been several that simply refuse to take me off their list. The worst offender by far is Experian. They want me to provide my grandmother’s shoe size to verify my identify and get off their list.
Plus it would be hard to fire all those IRS new hires.
tks
So long Paypal!... was nice while it lasted.
I’m not playin
RESIST!
RESIST!
RESIST!
DON’T GIVEM A DAMN THING!
Got rid of PayPal years ago, and don’t have any need to use the others.
Bought originally with money that was already taxed. Plus sales tax.
And sales tax paid on the subsequent ebay transaction.
It's not as if Uncle Junkie hasn't already got a few hits on the deal
bye bye ebay. Oh, the people will game the IRkS a few years, saying “I paid way more for the item than it sold for”, then claim a capital loss. Then the IRkS will counter that somehow. Private sales have always been murky.
So if I sell some of my old stuff, which I do and loose $ which I do, am I supposed to have the receipts to prove they are a loss? Also sold some of my mom’s stuff after she passed. That is inheritance.
To me ebay is a great way to get some cash and someone else gets to enjoy the item at a good deal. Otherwise some might get thrown out instead of getting more use.
The trick they are pulling with the $600 is when from a service they are counting them as one source of $. I could sell 20 things to 20 people but the IRS will see it a $600+ from one source.
No longer using Paypal or Venmo. I take cash or personal checks.
There was also a provision in BBB that required banks to foward your info to the IRS if you have more than $600 annually deposited into your checking account. This was because the Dems were afraid people would stop using PayPal, Venmo etc and go back to checks and cash. They were planning on having things covered either way. Another reason to oppose Build Back Bolshevik.
Think of the bank service charges we’d have to pay if that goes through.
Possibly lots of people may not get the brunt of 1099 for American Rescue Plan Act until they get it after 2022 primaries and Election Day.
I actually wouldn't have problem with online-related 1099s if alleged election stealing, Democratic Party-pirated Congress would comply with its constitutionally limited power to appropriate taxes.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824
Note that if Congress complied with its limited powers to appropriate taxes then state taxes would have to take up slack with higher state taxes for state government spending programs. But if Trump restores honest vote counting then it's much easier to recall state lawmakers and governors than corrupt federal elected politicians.
Insights welcome.
Crap. I sold almost $500 on eBay in the last month alone. Damn democrats, damn them all to hell.
I’ve quit PayPal. They made things easy but they went woke and cancelled some conservative businesses.
You’ve been pay-palled to death and have no clue. Lay down...or lock’n load.
I believe the 87,000 new IRS agents is in the so-called “Build Back Better” bill....the second bill... which has not passed.
yup
its ANYONE who sells more than $650 on ebay, or mercari, or poshmark, facebook marketplace, ...
I knew there was a reason why I didn’t use PayPal or cash apps.
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