Viktor
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IRS would track all bank transactions over $600 under Biden plan; Businesses revolt
A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.
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Every time you receive income of $600 or more, the income is reported to the IRS on either a W-2 form or a `1099 form. That is the law. Money that goes into your bank account that is not taxable income is of no importance to the IRS.
1099 vs. W-2: The Difference for Employers | QuickBooks
Employers issue 1099s to contractors and W-2s to full-time employees. See the differences and benefits to find the best payroll option with QuickBooks.
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