IRS warns taxpayers about new $600 threshold for third-party payment reporting

[searcher]

IRS warns taxpayers about new $600 threshold for third-party payment reporting​

Story by Kate Dore, CFP® • Yesterday 1:09 PM

• The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments.
• The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods.
• “It’s going to be a new form for a lot of people,” said Adam Markowitz, vice president at Howard L Markowitz PA, CPA.

The IRS on Tuesday shared tips for the upcoming tax season — including a reminder about the new $600 threshold for receiving Form 1099-K for third-party payments.

IRS warns taxpayers about new $600 threshold for third-party payment reporting

 

[<SLV>]

Because, of course, the IRS has plenty of spare capacity to process additional millions of forms.

 

[Casey Jones]

Because, of course, the IRS has plenty of spare capacity to process additional millions of forms.

They sure do! What is it, 80,000 new (and armed) agents?

 

[<SLV>]

They sure do! What is it, 80,000 new (and armed) agents?

Those agents aren't processing returns, they are auditing individuals.

 

[Casey Jones]

Those agents aren't processing returns, they are auditing individuals.

Well, one is connected to the other.

And I expect that soon electronic filing will be the only way to do it. Or, at least, that they expect they can order that. Whether we still HAVE an electrical grid up and running, is another matter.

So, in their dim, dank braincases, the paperwork will take care of itself. Their new goons will take care of the taxpayers who don't dot the Is and cross the Ts...or who run up against computer glitches.

Hey, we're in a People's Democratic Republic, now. We voted for this...they have the proof.

So we're gonna get it. Good and hard.

 

[<SLV>]

The welfare class will not be effected, just the working class.

 

[pmbug]

...
A group called the Coalition for 1099-K Fairness has been pushing for Congress to roll back the change to help “casual sellers and micro-businesses,” as part of the usual lobbying by industries for year-end legislation. Its members include eBay EBAY, -0.13%, Etsy ETSY, +4.48%, Poshmark POSH, -0.08%, Mercari MCARY, -0.31%, Airbnb ABNB, -0.49% and PayPal PYPL, +0.53%, which operates its original payment system as well as other offerings such as Venmo.

“Without timely Congressional action, millions of Americans and fledgling micro-businesses will begin receiving 1099-Ks in January 2023, often in instances where there is no tax liability whatsoever, creating significant confusion and administrative challenges,” the coalition says on its website.

The group says it supports bills put forth by some lawmakers that aim to raise the 1099-K reporting threshold to $5,000 or even put it back at $20,000, saying the measures “represent a starting point for a bipartisan compromise.”

Analysts are divided on whether this lobbying push will be successful. Ben Koltun, director of research at Beacon Policy Advisors, is sounding somewhat upbeat, while Tobin Marcus, senior U.S. policy and politics strategist at Evercore ISI, is skeptical.

“This is something that has bipartisan support, and I still think it’s more likely than not to pass this year,” Koltun said, referring to setting the threshold somewhere above $600, such as at $5,000. But he added that any change would have a price tag and still needs to “reach the critical mass of support among leadership in the House and the Senate.”
...

More:

IRS warns about new $600 threshold for PayPal, Venmo payments

Millions of gig workers and sellers on platforms like eBay and Etsy look set to get a tax form in the new year that they haven't received before.

www.marketwatch.com

 

[Buck]

get your business license now, before the year turns to crap...er, turns to 2023 and begin to fill out the long form using all available deductions you can find

they're not gonna come after someone who doesn't owe them anything.....ymmv


think about it: it's not criminal if they do it, if they write a law allowing you to do it...if it's on their form and it's available for you to fill in, do the math and fill that box in

it's under the heading of 'Expenses' and i'll bet you'll be able to cancel out nearly all of those 1099's that come your way

it's not like your entire year income is on those forms...if so, you gotta do better with barter

 

[Casey Jones]

get your business license now, before the year turns to crap...er, turns to 2023 and begin to fill out the long form using all available deductions you can find

they're not gonna come after someone who doesn't owe them anything.....ymmv


think about it: it's not criminal if they do it, if they write a law allowing you to do it...if it's on their form and it's available for you to fill in, do the math and fill that box in

it's under the heading of 'Expenses' and i'll bet you'll be able to cancel out nearly all of those 1099's that come your way

it's not like your entire year income is on those forms...if so, you gotta do better with barter

Barter is soon gonna be the only way

...now that Elites are destroying all forms of money, and all faith in money and even PMs. These machinations are going to have LONG-reaching effects...and the Elites are going to discover they weren't favored by God; they were benefiting from a system they didn't at-all understand.

Destroy money, and commerce stops. And so does the wealth of the likes of Buffet and Kaiser Klaus disappear.

 

[Buck]

Destroy money, and commerce stops. And so does the wealth of the likes of Buffet and Kaiser Klaus disappear.

here we are today and they're not so much destroying money but rather they're destroying our food production, commodities production and delivery, energy production...

but at the end of the day, if your personal cost for the day is one pot of gold, rest assured, the oligarchs will win as they're in possession of multiple pots

the only way we'll win is once these oligarchs are gone....or the anti-christ comes strolling through the place

i've read there will be plenty who'll love the guy because he's gonna fix it...gonna fix it good

idk, that's kinda 'faithy'...ymmv

 

[Casey Jones]

here we are today and they're not so much destroying money but rather they're destroying our food production, commodities production and delivery, energy production...

but at the end of the day, if your personal cost for the day is one pot of gold, rest assured, the oligarchs will win as they're in possession of multiple pots

the only way we'll win is once these oligarchs are gone....or the anti-christ comes strolling through the place

i've read there will be plenty who'll love the guy because he's gonna fix it...gonna fix it good

idk, that's kinda 'faithy'...ymmv

This is something I cannot get across, for some reason.

If this bunch of kooks own **ALL THE GOLD** and they've turned currency into some sort of electronic restricted-use permission chit...

...if that is done, WHAT VALUE IS GOLD?

There's minimal "economic activity." When money is outlawed, there is only barter.

You can't barter for a car or for a roofing job. You barter for what you maybe can raise in a hidden garden, or what you gather.

And you hope that your group is stronger than the group you've come to barter with - that you don't get robbed.

What the hell is Klaus gonna do with that pile of gold? People won't want it. Gold is not what they're allowed, not in this scenario.

Klaus can put on his white nylons and little pink party hat and parade naked through his gold storehouse. And wonder how the hell it happened that he's got all the money and he ain't really rich.

 

[Buck]

if they believe gold has value, it does

if they believe gold is the answer, it is

but when they believe we're too stupid to do things on our own, that's gotta be true also


they're actually waging war against us but they're also protecting their own class and if that class says a painting is worth $10 million, then most certainly it is...

they'll simply swap it around amongst themselves making sure we don't get any

 

[Casey Jones]

if they believe gold has value, it does

if they believe gold is the answer, it is

but when they believe we're too stupid to do things on our own, that's gotta be true also


they're actually waging war against us but they're also protecting their own class and if that class says a painting is worth $10 million, then most certainly it is...

they'll simply swap it around amongst themselves making sure we don't get any

Does that feed them?

Does it buy them Lamborghinis, or yachts, or repairs on their Gulfstreams?

Does it buy them FUEL to heat their palaces?

Remember. These people are not like Henry Ford. Ford could have closed his factories and lived on his estate...AND RUN IT himself, making repair parts. That was what Henry Ford DID. He was an engineer for Detroit Edison before he started his car company.

Can Kaiser Klaus do that? Can Soros, or Buffet? They manipulate MONEY. Once they've moved it all into their corner, they WIN! YIPPEE!

...what's for dinner? Uh, duh...

 

[Buck]

Does that feed them?

Does it buy them Lamborghinis, or yachts, or repairs on their Gulfstreams?

Does it buy them FUEL to heat their palaces?

Remember. These people are not like Henry Ford. Ford could have closed his factories and lived on his estate...AND RUN IT himself, making repair parts. That was what Henry Ford DID. He was an engineer for Detroit Edison before he started his car company.

Can Kaiser Klaus do that? Can Soros, or Buffet? They manipulate MONEY. Once they've moved it all into their corner, they WIN! YIPPEE!

...what's for dinner? Uh, duh...

and if everyone was like that, how long before some would begin to work for them for a flake of one of those coins?

and the cycle would begin all over again...

they don't need to do anything themselves when they've got what others can't have.....remember having parents telling you one thing yet you did the opposite?

i do

 

[Casey Jones]

I don't think so.

When there's NOTHING, they're not going to work for gold. They'll work for a bowl of gruel, they'll work for table scraps...but gold will be irrelevant. As irrelevant as French livres are, now.

 

[Casey Jones]

they don't need to do anything themselves when they've got what others can't have.....remember having parents telling you one thing yet you did the opposite?

Infrastructure.

Remember the saying?..."A boat is a hole in the water, you fill with money." Meaning, constant repairs.

In a normal world, you pay someone to make repairs.

When it's a huge yacht, and you have corrosion on your hull plating amidships...and you need major hull repairs...and shipyards are abandoned, mills are closed and collapsed, there's no steel, no welding gases, no drydocks...NOTHING...what does someone like Klaus, with his cute costume...what does he do?
<picture redacted>
He stops using the yacht, of course. Rich man, and can't have a yacht anymore.

Or a Gulfstream - useless, since airports will be abandoned.

What's he gonna do when he needs a roof on his castle? Where will the shingles come from?

 

[spinalcracker]

Zelle cash app will NOT be reporting or sending 1099’s for $600 transactions..

so all the irs haters will be using Zelle

what a con-venient way to keep tabs on those who resist


here is my $600 dollar message to the irs

 

[Buck]

What's he gonna do when he needs a roof on his castle? Where will the shingles come from?

he's gonna strike out


at us

what you're presuming is they're just gonna get to the point of, maybe this isn't correct but you get what i mean: 'lay down and give up'

i'm thinking not, as they literally close their world in around them, they simply create walls, higher when necessary to keep the rest of us out


not everyone is gonna take to starvation the same way as everyone else...

I don't think so.

When there's NOTHING, they're not going to work for gold. They'll work for a bowl of gruel, they'll work for table scraps...but gold will be irrelevant. As irrelevant as French livres are, now.

and all we get here is: they're not gonna work for gold(i'm presuming we're discussing schwab), they're gonna give a flake of what they have away to the peasants (in trade for what the peasants will do for them) who'll be able to trade part of it for that gruel made by someone else...(hence, my, it's gonna just start all over again...)


the kings have never been wrong, it's only the Caesars who've been wrong, Presidents have been wrong but never the King...and that richard has been nakid before...but he's still the king, even if that exists in his own mind, that along with multiple pots of gold...that's a lot of flakes

 

[Buck]

Zelle cash app will NOT be reporting or sending 1099’s for $600 transactions..

so all the irs haters will be using Zelle

what a con-venient way to keep tabs on those who resist


here is my $600 dollar message to the irs


View attachment 3967

i hope they succeed

but the IRS is famous for claiming we don't have a debtors prison, yet, they'll send you to a federal penitentiary if you refuse to send in their paperwork...and they've got their own judicial system which usually favors the house..a lot

and i'll just presume they've got seven ways to sunday to get you, if they want...


but i hope they succeed

 

[SongSungAu]

 

[CiscoKid]

 

[pmbug]

Measures to delay $600 tax-reporting threshold for PayPal, Venmo payments fail to make it into omnibus bill

Millions of gig workers and sellers remain on track to get a 1099-K tax form for the first time, after efforts to delay a tax-reporting change fail.

www.marketwatch.com

 

[Joe King]

^^^^

Gotta get enough money to give the pentagon another raise.

Btw, that $3.5 trillion they lost is equal to approx 5.83 billion $600 gig jobs. Think they'll get enough taxes from those 1099's to fill that hole? Lol

 

[CiscoKid]

^^^^

Gotta get enough money to give the pentagon another raise.

Btw, that $3.5 trillion they lost is equal to approx 5.83 billion $600 gig jobs. Think they'll get enough taxes from those 1099's to fill that hole? Lol

They have had to liquid cool the bearings on the printing presses at the Treasury. They have absolutely no need for the taxes on $600 transactions. This is nothing more than another boot on the neck of the working class. This is strictly for more control and intimidation.

 

[Casey Jones]

They have had to liquid cool the bearings on the printing presses at the Treasury. They have absolutely no need for the taxes on $600 transactions. This is nothing more than another boot on the neck of the working class. This is strictly for more control and intimidation.

This surprises you? The government in this country is at war with the people of this country. They literally want us dead.

This is just more proof.

 

[arminius]

This is strictly for more control and intimidation.

Exactly.

Pure fear porn. Which is all the iris is...

 

[CiscoKid]

This surprises you? The government in this country is at war with the people of this country. They literally want us dead.

This is just more proof.

No. No surprise here. Which is one of the reasons that I am a stacker.

 

[searcher]

IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps​

Story by Jeanne Sahadi • 3h ago

Anyone getting paid for their goods and services through apps like Venmo, PayPal or CashApp, or platforms like Etsy and Airbnb, just got a reprieve from the IRS.

Following concerns expressed by the tax community, the electronic transactions industry and some lawmakers, the IRS said Friday it would delay by one year the implementation of a rule change that would have resulted in a virtual paper chase of tax forms going out by January 31, 2023, to anyone using such apps for their business transactions.

More:

IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps

 

[pmbug]

...
The IRS now plans to transition in stages toward the new $600 threshold, which was created by the American Rescue Plan (a bill ostensibly meant to provide pandemic relief). It plans to use a $5,000 threshold for tax year 2024.
...

The IRS won’t make taxpayers report Taylor Swift ticket sales (and other online transactions over $600)

The IRS will once again postpone enforcement of a new provision in the tax code that requires online sellers to report as little as $600 in annual income.

reason.com