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

[struth]

Actually, he doesn’t

so this what xiden and the demafasict new tax army is going to do…audit my daughter and collect more taxes from small businesses…

 

[struth]

No, it makes your returns more complicated. An unjustified action.

it’s a massive tax increase on small businesses…just more war on the working class by the xiden admin

not to mention open people up to more auditors…over gifts. guess we know why the demafasict needed all those extra agents

 

[EvilCat Breath]

So a tax on the poor, got it

I tried to tell you all. I tried.
It's 600 a year. $50.00 a month.

 

[EvilCat Breath]

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.

I tried to tell you.

 

[LeftofLeft]

it’s a massive tax increase on small businesses…just more war on the working class by the xiden admin

not to mention open people up to more auditors…over gifts. guess we know why the demafasict needed all those extra agents

Democrats are anti-small business; always have been always will be. This latest move proves that. Treating small businesses and middle class Americans like big evil corporations is really going to pay for your egregious spending?

 

[Deplorable Yankee]

 

[candycorn]

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

From the link:

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.

This rule is aimed at individuals who run a side hustle, small business or do part-time work. So if you’re just sending money to friends for a restaurant bill or a vacation, or collecting a one-time payment for selling something online, this won’t apply to you.

 

[WTH_Progs?]

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

Moonglow desires all the tax money the govt. can collect, because he believes his livelihood depends on it.

 

[pknopp]

I tried to tell you.

You tried to tell me? What does that mean?

 

[rightwinger]

so this what xiden and the demafasict new tax army is going to do…audit my daughter and collect more taxes from small businesses…

What they are doing is that instead of charging new taxes they are doing a better job of collecting existing taxes

 

[FA_Q2]

Take $4,999

That is a very bad idea.

The IRS sees that as an attempt at tax evasion and the IRS typically assumes guilt. There is nothing you can do to fight it. I have had the IRS reach into my bank account and outright steal money because they said I made money I did not. When challenged I was required to prove I did not owe them, not the other way around. A requirement that is flatly impossible considering the supposed tax was in a state I had not even been in, did not live in and was nowhere near for years but none of that mattered. You cannot prove a negative.

 

[FA_Q2]

Yup.

Nope, see above.

 

[rightwinger]

Democrats are anti-small business; always have been always will be. This latest move proves that. Treating small businesses and middle class Americans like big evil corporations is really going to pay for your egregious spending?

Small business has to pay its taxes too

Just like the rest of us

 

[pknopp]

What they are doing is that instead of charging new taxes they are doing a better job of collecting new taxes

That wasn't the campaign promise.

 

[petro]

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

Fuck 'em.
I won't use apps.
When I work under the table, it's cash only.

 

[Lisa558]

You tried to tell me? What does that mean?

He tried to tell you that this was NOT about making sure the rich and decent-sized businesses don’t get away without paying their due. Otherwise, why did Biden lower the cut-off from $20,000 all the way down to $600?

A kid shoveling driveways for a total of $600, or a lower-income working mother doing some chores for a disabled person for the same $600, would owe $60 in taxes, at most, and likely NOTHING if they weren’t paying taxes at all. Why complicate things so much on the off-chance the government might be owed an additional $60??

This is about instilling fear in the people, and that’s how you control them. Otherwise, wouldn’t it have made more sense to lower the former $20,000 cut-off to something like $5,000? Then at least there’s a potential to collect $500 in taxes - not a measly $60.

 

[rightwinger]

That wasn't the campaign promise.

Where did Biden promise to allow people to dodge taxes?

 

[my2¢]

I don't expect to be receive any additional IRS 1099 income forms to report from this change. For sure wish I'd be getting one from FanDuel sportsbook.

 

[struth]

What they are doing is that instead of charging new taxes they are doing a better job of collecting existing taxes

this is a new tax! geez…and it’s a targeting small business

 

[Lisa558]

You know what would have been easier than to collect $60 or $150 in taxes from a low-income or middle-income person who does a few side jobs for $40 here and $75 there?

Fully HALF of all Americans pay NO federal income tax at all? Why not just say that every American over the age of 18 must pay a minimum of $100 a year to pitch in for government operations, of which they receive many benefits?