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.
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.
They have to. 1099-K rules have changed.
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It will be rescinded once they see their bottom line in a month or two.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.
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.
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.
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.
I’ve quit PayPal. They made things easy but they went woke and cancelled some conservative businesses.
I believe the 87,000 new IRS agents is in the so-called “Build Back Better” bill....the second bill... which has not passed.
I knew there was a reason why I didn’t use PayPal or cash apps.
A few months ago, I got an email from my bank advising me that my Visa card would join PayPal.
I was somewhat annoyed because they NEVER asked me if I wanted to join PayPal.
I called and told them I did not want that and they uncoupled it immediately. At least, that’s what they told me.
If I find out I am in any way connected, I shall be very angry.\
Anyone else with the same problem care to join a class action law suit?
This was covered last week on One America News.
I was shocked that not ONE republican politician raised holy heck over it.
What the heck kind of representative government do we have???
WHERE WERE THE REPUBLICAN SENATORS?
It seems the dimorats sneaked it in the 1.7 bill with ONE SENTENCE.
THIS DESERVES A LAWSUIT IF THERE EVER WAS ONE.