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

[j-mac]

If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600.

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

The new rule comes as a result of the American Rescue Plan Act and is aimed at those who run side gigs and small businesses and do part-time work.

www.cnbc.com

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

 

[Moonglow]

If your daughter earns six hundred or more through these payment options then she must report the income is what they be saying.

 

[j-mac]

If your daughter earns six hundred or more through these payment options then she must report the income is what they be saying.

So a tax on the poor, got it

 

[ozro]

This is the same IRS that hasn't been able to process my income tax returns since 2017's return.
This is the same IRS that sent several threatening letters demanding payment for not filing a return in 2018, then threatening me again when I proved that they already have it.
This is the same IRS that puts me on hold for hours when I call them, then the representative I speak to can barely speak English.
This is the same IRS that owes me several thousands of dollars that I likely will never see.
The arrogance and incompetence of this IRS is simply astounding.

 

[Resnic]

If the current administration stays in power this is how they will get what they want from us. They won't take it by force, they will tax us out of what they want.

If they maintain power expect to be taxed out of your gas powered car, they will tax away guns if they get the chance, even if they want land they will tax you out of it

They began their digital currency test with major banks already. Soon you won't pay taxes, they will just take taxes.

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www.bloomberg.com

 

[pknopp]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

Possibly but not necessarily but all the same I have never and I do not support these changes. I've read where some in Congress are making noise about changing it back but it's probably only noise.

 

[rightwinger]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

You should not be able to hide income
The rest of us have to make up for it

 

[Lisa558]

I buy stuff for my mother who is in a senior facility - wide range of things like pajamas, toiletries, new sneakers, protein drinks, OTC meds, clothes, restock the fridge with basics, etc., etc. - keep a running total, and every few months we do a third-party transfer to reimburse me. Probably adds up to a couple thousand of dollars a year. How does the IRS know these are reimbursements and not, say, payments for my helping care for her (which of course I don’t charge for)?

I haven’t kept receipts for all this stuff. What a headache that would be!

 

[DBA]

You should not be able to hide income
The rest of us have to make up for it

If I want to give my adult child $600, they should not have to pay tax on it. I already did that.

Don't act as if you care about who makes up for what. Democrats are for loads of "free" stuff that I am forced to pay for and Democrats are the largest recipients of the freebees.

 

[pknopp]

If I want to give my adult child $600, they should not have to pay tax on it. I already did that.

Don't act as if you care about who makes up for what. Democrats are for loads of "free" stuff that I am forced to pay for and Democrats are the largest recipients of the freebees.

They won't have to but it will all have to be detailed in their tax returns. Another reason I do not support this. We should be making tax returns far simpler, not more complicated.

 

[SassyIrishLass]

You should not be able to hide income
The rest of us have to make up for it

A gift or paying someone's expenses isn't income you dumbed down loon.

Leftists can find 20 different ways to tax a dollar

 

[pknopp]

A gift or paying someone's expenses isn't income you dumbed down loon.

Leftists can find 20 different ways to tax a dollar

Paying someone's expenses can be considered income.

 

[rightwinger]

A gift or paying someone's expenses isn't income you dumbed down loon.

Leftists can find 20 different ways to tax a dollar

A gift under $10,000 is not taxable
Someone paying your expenses can be considered income.

Running a shadow business using Venmo, PayPal or Bitcoin is tax dodging

If you ever actually worked, you would know this

 

[JustAGuy1]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

If you take $5000 or more out of your Bank hey are required to report it.

 

[SassyIrishLass]

A gift under $10,000 is not taxable
Someone paying your expenses can be considered income.

Running a shadow business using Venmo, PayPal or Bitcoin is tax dodging

If you ever actually worked, you would know this

Oh shut up. By now you must realize I think you're an idiot

What's next, taxing panhandling?

 

[Mac-7]

I can imagine heavily armed gangs of IRS thugs waylaying citizens on the street and holding them for ransom

 

[rightwinger]

Oh shut up. By now you must realize I think you're an idiot

What's next, taxing panhandling?

As a matter of fact, panhandling income can be taxable depending on what you make

Why do Republicans always support tax cheats?

I think by now, you realize I think you are an uneducated, spiteful woman who has never had to support herself

 

[SassyIrishLass]

If you take $5000 or more out of your Bank hey are required to report it.

Take $4,999

 

[pknopp]

As a matter of fact, panhandling income can be taxable depending on what you make

Why do Republicans always support tax cheats?

Biden and the Democrats promised to make the rich pay their fair share. Instead they have went after the poor to pay for their programs.

 

[JustAGuy1]

Take $4,999

Yup.