The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

[Admiral Rockwell Tory]

Still not enough to afford a roof over your head….lol

Oh, shut up! Two people working at that rate make plenty of money.

 

[krichton]

/——/ Funny, it’s you Libtards who keep bringing them up.

And you'll be there at every opportunity to defend them. This is the hill you've chosen to die on. What an honor it must be for you

 

[Cellblock2429]

And you'll be there at every opportunity to defend them. This is the hill you've chosen to die on. What an honor it must be for you

/——-/ So? Are we supposed to sit by and watch you attack President Trump? You’d love to go unchallenged.

 

[j-mac]

Oh, shut up! Two people working at that rate make plenty of money.

Really? How much do you make?

 

[DBA]

What part about bank transactions? Yes I missed it, if banks are mentioned in the new reporting law we are talking about.

I will grant you this. The MSM is doing their best to keep this on the down low, but here is a link describing what they are pursuing. Many banks are no happy about this. Why on earth would any citizen be ok with it is my question.

Banks balk at IRS taxpayer reporting proposal

In a letter sent to congressional leaders Sept. 24, the American Bankers Association, of which the Delaware Bankers Association is a member, said even if minimum reporting requirements were raised to $100,000, it would still penalize low- to mid-income earners, and not the wealthy population that the plan purports to target.

“Consider a taxpayer who earns $18 an hour, has no other income, and pays rent and other living expenses – the sum of gross inflows and outflows after taxes would be around $60,000. Self-employed contractors who buy materials and install them for customers will commonly have gross inflows and outflows that far exceed the income they earn. These are simple examples of what likely would be significant amounts of information generated by this new regime and reported to the IRS regarding the accounts of average Americans,” the letter states. “In the end, whether it is average workers or self-employed citizens, virtually all Americans will be subject to this new reporting. The taxable portions of this activity are already generally captured by existing reporting, and it is unclear how these additional details will help the IRS target tax cheats in the top 1 percent of reporters.”

 

[Care4all]

I will grant you this. The MSM is doing their best to keep this on the down low, but here is a link describing what they are pursuing. Many banks are no happy about this. Why on earth would any citizen be ok with it is my question.

Banks balk at IRS taxpayer reporting proposal

In a letter sent to congressional leaders Sept. 24, the American Bankers Association, of which the Delaware Bankers Association is a member, said even if minimum reporting requirements were raised to $100,000, it would still penalize low- to mid-income earners, and not the wealthy population that the plan purports to target.

“Consider a taxpayer who earns $18 an hour, has no other income, and pays rent and other living expenses – the sum of gross inflows and outflows after taxes would be around $60,000. Self-employed contractors who buy materials and install them for customers will commonly have gross inflows and outflows that far exceed the income they earn. These are simple examples of what likely would be significant amounts of information generated by this new regime and reported to the IRS regarding the accounts of average Americans,” the letter states. “In the end, whether it is average workers or self-employed citizens, virtually all Americans will be subject to this new reporting. The taxable portions of this activity are already generally captured by existing reporting, and it is unclear how these additional details will help the IRS target tax cheats in the top 1 percent of reporters.”

Worth discussing!

BUT this is something different from what is being discussed on mom and pop, internet sales reporting by services like eBay or Etsy or paypal?

 

[Admiral Rockwell Tory]

Really? How much do you make?

While my wife and I were working, I made about $36,000 and she made about $40000. I hade a 2000 square foot house on an acre of ground and had two relatively new cars. W were quite comfortable with that income.

 

[Admiral Rockwell Tory]

I will grant you this. The MSM is doing their best to keep this on the down low, but here is a link describing what they are pursuing. Many banks are no happy about this. Why on earth would any citizen be ok with it is my question.

Banks balk at IRS taxpayer reporting proposal

In a letter sent to congressional leaders Sept. 24, the American Bankers Association, of which the Delaware Bankers Association is a member, said even if minimum reporting requirements were raised to $100,000, it would still penalize low- to mid-income earners, and not the wealthy population that the plan purports to target.

“Consider a taxpayer who earns $18 an hour, has no other income, and pays rent and other living expenses – the sum of gross inflows and outflows after taxes would be around $60,000. Self-employed contractors who buy materials and install them for customers will commonly have gross inflows and outflows that far exceed the income they earn. These are simple examples of what likely would be significant amounts of information generated by this new regime and reported to the IRS regarding the accounts of average Americans,” the letter states. “In the end, whether it is average workers or self-employed citizens, virtually all Americans will be subject to this new reporting. The taxable portions of this activity are already generally captured by existing reporting, and it is unclear how these additional details will help the IRS target tax cheats in the top 1 percent of reporters.”

$60,000?

Try $37,440!

 

[j-mac]

While my wife and I were working, I made about $36,000 and she made about $40000. I hade a 2000 square foot house on an acre of ground and had two relatively new cars. W were quite comfortable with that income.

Bet you couldn't do that now? And besides, I'm just sayin', a young couple, with a child, today, had better be making a household income of at least 60K to 70K a year, just to rent, and live day to day...To achieve what you and your wife were blessed with, I would say we are on the verge of that very same young family having to make 100K or more....

 

[Admiral Rockwell Tory]

Bet you couldn't do that now? And besides, I'm just sayin', a young couple, with a child, today, had better be making a household income of at least 60K to 70K a year, just to rent, and live day to day...To achieve what you and your wife were blessed with, I would say we are on the verge of that very same young family having to make 100K or more....

My daughter and her husband bought a house 3 years ago. She is an EMT and he is a firefighter.

 

[j-mac]

My daughter and her husband bought a house 3 years ago. She is an EMT and he is a firefighter.

I feel pretty safe in assuming that they make household gross of +70k no?

 

[krichton]

/——-/ So? Are we supposed to sit by and watch you attack President Trump? You’d love to go unchallenged.

Who's talking about Trump? I was talking about Bezos and you were all too eager to put your tongue up his ass and defend him. For god sakes, have some dignity.

 

[Cellblock2429]

Who's talking about Trump? I was talking about Bezos and you were all too eager to put your tongue up his ass and defend him. For god sakes, have some dignity.

/----/ So if you weren't talking about Trump, then who specifically? And why does every Lib retort have to degrade to one of your sexual fantasies?
krichton said:
I'm not the one here with a fetish for rich people.

 

[Admiral Rockwell Tory]

I feel pretty safe in assuming that they make household gross of +70k no?

No.

 

[j-mac]

No.

No?

 

[Admiral Rockwell Tory]

No?

What part of 'no" did you not understand?

 

[j-mac]

What part of 'no" did you not understand?

Well, since I have no way to verify, I’ll take your word for it, and say congratulations….You do realize that your specific situations, and circumstances don’t apply to everyone on the planet, right?