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The End of Privacy: PayPal, Venmo, Cash App to Report $600 in Total Transactions, Require Your Tax Info
PJ Media ^ | 01/07/2022 | STEPHEN GREEN

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 ...


TOPICS: Business/Economy
KEYWORDS: 1moretime
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1 posted on 01/07/2022 6:27:42 PM PST by Rusty0604
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To: Rusty0604

They’re about to down like dinosaurs.


2 posted on 01/07/2022 6:29:04 PM PST by Fai Mao (I don't think we have enough telephone poles.)
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To: Rusty0604

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.


3 posted on 01/07/2022 6:30:38 PM PST by Pol-92064
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To: Pol-92064

More companies I will no longer be using. Nothing I need in life anymore.


4 posted on 01/07/2022 6:32:01 PM PST by RBW in PA
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To: Rusty0604

Bye, PayPal. Stupid move.


5 posted on 01/07/2022 6:33:15 PM PST by madison10 (Happy New Year!)
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To: Rusty0604

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.


6 posted on 01/07/2022 6:33:48 PM PST by PAR35
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To: Pol-92064

For now.


7 posted on 01/07/2022 6:34:04 PM PST by Jane Long (What we were told was a “conspiracy theory” in 2020 is now fact. 🙏🏻 Ps 33:12 )
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To: Pol-92064

Not necessarily a merchant, people sell personal items on Etsy, eBay, etc.


8 posted on 01/07/2022 6:34:54 PM PST by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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To: Pol-92064

For now. Wait until next year.


9 posted on 01/07/2022 6:37:10 PM PST by Fai Mao (I don't think we have enough telephone poles.)
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To: Jane Long

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.


10 posted on 01/07/2022 6:37:57 PM PST by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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To: madison10

>>Bye, PayPal. Stupid move.<<

I dumped them a few weeks ago.


11 posted on 01/07/2022 6:38:52 PM PST by servantboy777
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To: Rusty0604

They have to. 1099-K rules have changed.


12 posted on 01/07/2022 6:41:57 PM PST by NonValueAdded (It seems the only immunity the vaccines provide is that big pharma can’t be sued.)
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To: madison10

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.


13 posted on 01/07/2022 6:43:45 PM PST by NonValueAdded (It seems the only immunity the vaccines provide is that big pharma can’t be sued.)
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To: Rusty0604
If you turn a profit, you're required to pay tax anyway. But if you're selling used gear and sell at a loss, there's no tax liability. Even if you're issued a 1099.

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.

14 posted on 01/07/2022 6:44:01 PM PST by LouAvul (Farewell America. We barely knew you. )
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To: Rusty0604

It will be rescinded once they see their bottom line in a month or two.


15 posted on 01/07/2022 6:45:16 PM PST by Rebelbase
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To: Rusty0604

Was this change from legislation or EO???


16 posted on 01/07/2022 6:45:23 PM PST by elpadre ( ying them.)
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To: Rusty0604

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.


17 posted on 01/07/2022 6:45:30 PM PST by lee martell
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To: lee martell

These companies will be rose in no time!!!


18 posted on 01/07/2022 6:49:45 PM PST by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: NonValueAdded

“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.


19 posted on 01/07/2022 6:49:53 PM PST by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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To: Trump Girl Kit Cat

Rose = broke GEEZE


20 posted on 01/07/2022 6:51:45 PM PST by Trump Girl Kit Cat (Yosemite Sam raising hell)
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