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 ...
They’re about to down like dinosaurs.
This is only if you are a merchant selling goods. Donations, gifts, paying rent or paying for merchandise for the sender will not be reported. If you are selling on eBay then you will get a 1099 if it is over $600 per year.
More companies I will no longer be using. Nothing I need in life anymore.
Bye, PayPal. Stupid move.
Things will really get bad when Biden defacto regieme takes over the FDIC in February or shortly thereafter. (Trump’s appointee is being forced as Chairman.) Expect a crackdown on banking services to disfavored companies, growth of the To Big To Fail banks at the expense of the independents, and “Know your Customer” on steroids.
For now.
Not necessarily a merchant, people sell personal items on Etsy, eBay, etc.
For now. Wait until next year.
I s/h sold my deco art lamp and a few other items last year. Foolish me, I didn’t think they’d get this through, and at $600.
>>Bye, PayPal. Stupid move.<<
I dumped them a few weeks ago.
They have to. 1099-K rules have changed.
Not their choice. Any 3-rd party collecting fees for you for credit card sales must 1099-K you or face stiff penalties. The article is poorly written to make it sound like the companies are voluntarily doing this.
How do you think Xiden is going to pay for all those promises.
Now, if you do a lot of business and get flagged by the IRS, they might call you in. But if you can show (with original invoices) that you're taking a loss, there's no tax owed.
Again, if you're selling goods for profit, you owe the tax anyway, regardless who reports it.
It will be rescinded once they see their bottom line in a month or two.
Was this change from legislation or EO???
This American Rescue Plan could probably be undone and killed if the GOP wins a majority of congress in 2022. However, as we all know, once a greedy government body gets used to having easy money coming to them from taxpayers, they are loathe to return it or reduce their financial harvest.
If the GOP do grow in influence and Mitch is still in the same position, look for him to ‘Tut-Tut’ any talk of cancelling that so-called rescue plan.
These companies will be rose in no time!!!
“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.”
That doesn’t sound like putting the blame where it doesn’t belong. We don’t live under a rock.
Rose = broke GEEZE
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