Raymond Arroyo warns against new IRS rules: 'This is a honey pot for audits'.
Which was the point, nobody bothered to try and stop it when the Rats slammed it through Congress. Now it’s too late.
I’m guessing eBay will be turning-over records to the criminal IRS, as will PayPal etc etc etc.
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.
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
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.
So I give someone a grand, and he’s obliged to pay tax on that again?
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.
Will the Big Guy be audited for his 10%?
Thanks, RINOs. The Dems have no power without you.
They don’t realize they are going to be creating lots of nice fresh Republicans.
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.
Thank goodness the federal government came to the rescue. I feel so safe now.
People think this is bad…wait until the fedcoin comes into play.
84,000 armed IRS agents coming to help you file your taxes correctly.
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
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.”
Dems claim they are going after billionaires.
In the end, they target thr little guy.
Idiot voters never learn.
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.
Bkmk
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.