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Third-party payment processors must report business transactions to the IRS if they exceed $600 for the year.

Raymond Arroyo warns against new IRS rules: 'This is a honey pot for audits'.

1 posted on 12/06/2022 4:48:00 PM PST by Carriage Hill
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To: Carriage Hill

Which was the point, nobody bothered to try and stop it when the Rats slammed it through Congress. Now it’s too late.


2 posted on 12/06/2022 4:49:47 PM PST by Timber Rattler ("To hold a pen is to be at war." --Voltaire)
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To: Carriage Hill

I’m guessing eBay will be turning-over records to the criminal IRS, as will PayPal etc etc etc.


3 posted on 12/06/2022 4:50:29 PM PST by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Carriage Hill

Banks and credit cards routinely hand your transaction info over to the gov.

New players like venmo weren’t thinking about doing that.

Hence the legislation.


4 posted on 12/06/2022 4:51:42 PM PST by fruser1
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To: Carriage Hill

Meanwhile, Sam Bankman-Fried remains free (and gets PR coverage from US state-run media) after defrauding nearly a million account holders in his FTX exchange


5 posted on 12/06/2022 4:51:46 PM PST by PGR88
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To: Carriage Hill

I don’t think they lowered the rate, they’re just now going to start checking. And I still have no problem with people being audited for their income that they unreported. Everyone should be reporting their income, honestly and completely, let’s all play fair.


6 posted on 12/06/2022 4:51:57 PM PST by Reno89519 (I do not support Trump 2024, but if he does become candidate, I will vote for him.)
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So I give someone a grand, and he’s obliged to pay tax on that again?


7 posted on 12/06/2022 4:53:00 PM PST by Gene Eric (Don't be a statist!)
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To: Carriage Hill

I pay the lawn company through Venmo. I would expect him to handle that income in the same manner I handled my credit card receipts.

None of this is a secret. I understand paying taxes sucks, but everyone should pay their taxes.


9 posted on 12/06/2022 4:54:27 PM PST by Vermont Lt
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To: Carriage Hill

Will the Big Guy be audited for his 10%?


15 posted on 12/06/2022 5:00:45 PM PST by KarlInOhio (Soon the January 6 protesters will be held (without trial or bail) longer than Jefferson Davis was.)
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To: Carriage Hill

Thanks, RINOs. The Dems have no power without you.


18 posted on 12/06/2022 5:01:52 PM PST by ArcadeQuarters (Remember the 2020 backstabbers. No more RINOs ever!)
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To: Carriage Hill

They don’t realize they are going to be creating lots of nice fresh Republicans.


22 posted on 12/06/2022 5:07:45 PM PST by toast
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To: Carriage Hill
It pays to be an old fart.

No Venmo or similar,

No Banking on my phone,

No Twitter, FB, Instagram, or similar

And I don't even login to FR on my phone, just read.

27 posted on 12/06/2022 5:10:09 PM PST by G Larry ( "woke" means 'stupid enough to fall for the promotion of every human weakness into a virtue')
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To: Carriage Hill
These changes created by the American Rescue Act now require the platforms to report any transaction over $600.

Thank goodness the federal government came to the rescue. I feel so safe now.

30 posted on 12/06/2022 5:13:01 PM PST by FoxInSocks ("Hope is not a course of action." — M. O'Neal, USMC)
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To: Carriage Hill

People think this is bad…wait until the fedcoin comes into play.


35 posted on 12/06/2022 5:15:38 PM PST by Vermont Lt
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To: Carriage Hill

84,000 armed IRS agents coming to help you file your taxes correctly.


41 posted on 12/06/2022 5:22:34 PM PST by E. Pluribus Unum (The worst thing about censorship is ████ █ ██████ ███████ ███ ██████ ██ ████████.)
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To: Carriage Hill

My understanding is this doesn’t count money sent to “friends and family”, only “goods and services” type transactions. Am I correct? Still seems like a mess waiting to happen

I barely use these services except to send money to family rarely


46 posted on 12/06/2022 5:29:00 PM PST by Nomad577
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To: Carriage Hill

https://english-grammar-lessons.com/the-straw-that-broke-the-camels-back-meaning/

The Straw that Broke the Camel’s Back – Meaning, Origin and Usage
May 18, 2022 Pearson
Are you looking for an expression to tell someone that you’re at the tipping point of your emotional scale? Are you looking for a veiled warning to get the other person to stop their words or actions? If that’s the case, you could use “the straw that broke the camel’s back” to tell them you’ve had it with their behavior. This post unpacks this expression’s meaning and origin.

Meaning
The “straw that broke the camel’s back” means an action or conversation that causes a person to reach their breaking point. It describes an inflection point and causes a change, either in the situation or in the person’s behavior.

Example Usage
“That’s the straw that broke the camel’s back. I’m not willing to do any more of this additional work until you compensate me for it. I don’t work for free, and I demand overtime.”

“Telling Sally that he was out with friends that night was the straw that broke the camel’s back in their relationship. He didn’t realize Sally saw him with her and told Kim about it. Now she’s breaking up with him.”

“Losing that account because of failed record-keeping was the straw that broke the camel’s back for management. They decided to invest in the CRM system at the next management meeting.”

“Getting caught by the police was the straw that broke the camel’s back for my mom. She told me that if the cops ever brought me home, she would send me off to boarding school for good.”


47 posted on 12/06/2022 5:29:16 PM PST by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Carriage Hill

Dems claim they are going after billionaires.

In the end, they target thr little guy.

Idiot voters never learn.


50 posted on 12/06/2022 5:35:58 PM PST by Red in Blue PA (You can vote your way into socialism, but you have to shoot your way out.)
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To: Carriage Hill

500,000 Trump voters in Georgia decided to ‘teach the GOP a lesson’ in the 2020 Senate runoffs, so the Democrats won and now we have this law (and yes, bad laws do get written when we let the Democrats run everything).

...and so to the REAL QUESTION: Did the GOP Leadership learn their lesson? One guess on that.


66 posted on 12/06/2022 6:15:47 PM PST by BobL (By the way, low tonight in Latvia: 24 degrees, burrr!!!)
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To: Carriage Hill

Bkmk


69 posted on 12/06/2022 6:24:34 PM PST by sauropod (Fascists also buy Comcast cable packages" - Olby - Wanna buy mine?)
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To: Carriage Hill
Third-party payment processors must report business transactions to the IRS if they exceed $600 for the year.
Key words are "business transactions".

It doesn't matter that you have a job on a payroll. If you're conducting "business" outside of your regular job you are required to declare your income.

You also are considered self-employed and every dollar you earn outside of your regular job is subject to self-employment tax (Social Security) in addition to the income tax.

Self-employment tax is 15.2% in addition to income tax, if any.

You might not owe any "income tax" but you won't escape the 15.2% self-employment tax.

Welcome to the tax world of the self-employed.

72 posted on 12/06/2022 6:39:08 PM PST by lewislynn (Trump accomplished more in one term than any other President in your lifetime.)
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