IRS STEALING MONEY BY MINUTE User ID: 84820273 11/25/2022 04:41 PM Report Abusive Post Report Copyright Violation | A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti [ link to nypost.com (secure)] The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal to file a tax form known as Form 1099-K. The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency. The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, according to accountants. Before this year, the threshold for filing a Form 1099-K report was at least 200 transactions totaling an aggregate of at least $20,000. When Congress passed the American Rescue Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600. |
Anonymous Coward User ID: 84820421 11/25/2022 05:01 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti |
Anonymous Coward User ID: 77625696 United States 11/25/2022 05:17 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti Fuck the IRS and the corrupt federal government.
They can kiss my hairy ass. |
Anonymous Coward User ID: 84820421 11/25/2022 05:18 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti Fuck the IRS and the corrupt federal government.
They can kiss my hairy ass.
Quoting: Anonymous Coward 77625696 |
Anonymous Coward User ID: 80377995 United States 11/25/2022 05:46 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti |
Anonymous Coward User ID: 84693008 United States 11/25/2022 06:03 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti I ceased all business that require this bullshit. |
Anonymous Coward User ID: 84820955 11/25/2022 07:24 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti I ceased all business that require this bullshit.
Quoting: Anonymous Coward 84693008 |
Anonymous Coward User ID: 77173018 Germany 11/25/2022 07:39 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti I don't think some of you fully understand. There's been a lot of misinfo on this subject lately.
When you exceed the $600 threshold, Paypal, Venmo etc. automatically send the IRS a report and send you the 1099K.
If you made money on your transactions you pay tax on the profit. If you lost money you won't but it still requires people to keep receipts and do extra paperwork.
This took effect in Jan. 2022 |
Anonymous Coward User ID: 84820955 11/25/2022 07:40 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti I don't think some of you fully understand. There's been a lot of misinfo on this subject lately.
When you exceed the $600 threshold, Paypal, Venmo etc. automatically send the IRS a report and send you the 1099K.
If you made money on your transactions you pay tax on the profit. If you lost money you won't but it still requires people to keep receipts and do extra paperwork.
This took effect in Jan. 2022
Quoting: Anonymous Coward 77173018 |
Anonymous Coward User ID: 77173018 Germany 11/25/2022 07:41 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti The $600 is total, not per transaction. Total on all platforms. |
Anonymous Coward User ID: 73809022 United States 11/25/2022 07:42 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti |
Anonymous Coward User ID: 84293628 United States 11/25/2022 07:54 PM Report Abusive Post Report Copyright Violation | Re: A kick in the cash IRS warns Americans over threshold to report Venmo and PayPal payments The IRS is interested in transactions involving part-ti Fuck the IRS and the corrupt federal government.
They can kiss my hairy ass.
Quoting: Anonymous Coward 77625696 Ditto this. |