Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Oh look! Biden going after the rich!!
Posted by:
Promises made. Promises kept
()
Date: January 06, 2022 08:43AM
Venmo, PayPal, Cash App Must Report Payments of $600 or More to the IRS
New year, new tax requirements. The Internal Revenue Service (IRS) is cracking down on payments received through third-party apps like Venmo, PayPal and Cash App to ensure those using these networks are paying their fair share of taxes. These platforms, coincidentally, also allow crypto purchases. "The Hash" crew discusses the issues of regulation, consumer privacy and impact on small businesses.
https://finance.yahoo.com/video/venmo-paypal-cash-app-must-191900276.html
New year, new tax requirements. The Internal Revenue Service (IRS) is cracking down on payments received through third-party apps like Venmo, PayPal and Cash App to ensure those using these networks are paying their fair share of taxes. These platforms, coincidentally, also allow crypto purchases. "The Hash" crew discusses the issues of regulation, consumer privacy and impact on small businesses.
https://finance.yahoo.com/video/venmo-paypal-cash-app-must-191900276.html
Re: Oh look! Biden going after the rich!!
Posted by:
Lorraine D is a fat bitch
()
Date: January 06, 2022 06:29PM
Yes that will definitely be happening pronto. And the clueless assholes working at the IRS who watch the clock until 4pm comes so they can quickly scurry out the door will absolutely be capable of monitoring that shit.
Re: Oh look! Biden going after the rich!!
Posted by:
Buyacluedork
()
Date: January 07, 2022 08:06AM
Lorraine D is a fat bitch Wrote:
-------------------------------------------------------
> Yes that will definitely be happening pronto. And
> the clueless assholes working at the IRS who watch
> the clock until 4pm comes so they can quickly
> scurry out the door will absolutely be capable of
> monitoring that shit.
They don't have people monitoring it. They have computers. The IRS will use that information the same way they use any other W-2 or 1099 information.
-------------------------------------------------------
> Yes that will definitely be happening pronto. And
> the clueless assholes working at the IRS who watch
> the clock until 4pm comes so they can quickly
> scurry out the door will absolutely be capable of
> monitoring that shit.
They don't have people monitoring it. They have computers. The IRS will use that information the same way they use any other W-2 or 1099 information.
Re: Oh look! Biden going after the rich!!
Posted by:
WATCHING YOU
()
Date: January 07, 2022 01:07PM
This is $600 total per YEAR, not per transaction.
It's similar as if anyone pays you $600 in a year -- they have to file a 1099 on you.
Not sure if this new regulation means that the payment processors will report you for $600/year total through their systems; or is it $600/entity/year? What happens if three unrelated people each send you $200? My guess is that it's the latter, because the IRS wants to find people running small under-the-table businesses. That effectively brings the reporting requirement from $600 to as little as one dollar, if you have 600 customers. (Or friends who are sending you money, or whatever. If it was a loan repayment, you have to document that. If it was a $25 birthday gift, you have to document and count that as income....)
Of course, all banks report any transactions totallying $500 (at once, or combined within few weeks to thwart "structured" payments attempting to evade the reportable amount.)
Glad those billionaires are finally getting looked at.
The IRS hired 80,000 new agents this year to go after the little guys.
This will not make a dent in the "infrastructure" or "build back biden" bills. But one must try, I suppose.
It's similar as if anyone pays you $600 in a year -- they have to file a 1099 on you.
Not sure if this new regulation means that the payment processors will report you for $600/year total through their systems; or is it $600/entity/year? What happens if three unrelated people each send you $200? My guess is that it's the latter, because the IRS wants to find people running small under-the-table businesses. That effectively brings the reporting requirement from $600 to as little as one dollar, if you have 600 customers. (Or friends who are sending you money, or whatever. If it was a loan repayment, you have to document that. If it was a $25 birthday gift, you have to document and count that as income....)
Of course, all banks report any transactions totallying $500 (at once, or combined within few weeks to thwart "structured" payments attempting to evade the reportable amount.)
Glad those billionaires are finally getting looked at.
The IRS hired 80,000 new agents this year to go after the little guys.
This will not make a dent in the "infrastructure" or "build back biden" bills. But one must try, I suppose.
Re: Oh look! Biden going after the rich!!
Posted by:
Be accurate
()
Date: January 07, 2022 02:42PM
Banks do not report transactions totaling $500. Banks report transactions totaling $10,000 or more.
Does stealing under $1,000 in merchandise at one time, so you don't get prosecuted under the law count as "people running small under-the-table businesses"?
Does stealing under $1,000 in merchandise at one time, so you don't get prosecuted under the law count as "people running small under-the-table businesses"?