IRS announces temporary rescue from American Rescue Plan

[BabyBoomer50s]

In the spirit of holiday cheer, the IRS is once again delaying its implementation of a provision in Biden’s American Rescue Plan Act law that requires payment platforms such as Venmo, Paypal or Cash App to send 1099-Ks to anyone who received more than $600 in the current tax year. They’re instead planning a phased implementation. In much the same way the Obamacare individual mandate proved to be an unworkable and unpopular fiasco, this one should simply be repealed.

https://www.cbsnews.com/news/irs-delay-600-reporting-form-venmo-paypal-1099k-2024/

 

[jomar]

The IRS probably doesn’t have the manpower it expected to have in order to be able to actually implement the provision.

 

[Lazaran]

Obtaining that $4.4 BILLION penalty on Binance and the conviction of its CEO probably was enough for the moment.

Ultimately, lower level corganized criminal activity perpetrated online will be addressed.

That ^ obviously makes BabyBoobs sad.

Poor BabyBoobs.



BabyBoobs

 

[dkovic77]

In the spirit of holiday cheer, the IRS is once again delaying its implementation of a provision in Biden’s American Rescue Plan Act law that requires payment platforms such as Venmo, Paypal or Cash App to send 1099-Ks to anyone who received more than $600 in the current tax year. They’re instead planning a phased implementation. In much the same way the Obamacare individual mandate proved to be an unworkable and unpopular fiasco, this one should simply be repealed.

https://www.cbsnews.com/news/irs-delay-600-reporting-form-venmo-paypal-1099k-2024/

And who is so happy about that? Which Florida rep has some shady dealings in his past with Venmo?

You sure do like those Florida politicians…both Nazi Ron and Venmo?

Venmo took down the big bad speaker…but when the next speaker had an even sweeter deal with Dems to fund the government… Venmo says nothing. I guess he’s hoping the well overdue ethics investigation into his Venmo habits won’t come back up again,

Can’t even write a story about his pay to play transgressions here on the boards, even here there is a policy. But I guess in GOP, the family values only extends to… where exactly?

Or who needs values when you have a chance to “own the libs”.

 

[BabyBoomer50s]

And who is so happy about that? Which Florida rep has some shady dealings in his past with Venmo?

Obviously the bureaucrats at the IRS are relieved. After all, it was their decision. And obviously the 44 million American taxpayers who the IRS was expected to send 1099Ks to won’t be upset.

 

[dkovic77]

Obviously the bureaucrats at the IRS are relieved. After all, it was their decision. And obviously the 44 million American taxpayers who the IRS was expected to send 1099Ks to won’t be upset.

As the article says, people are still responsible for declaring the income. It’s not like it is all just swept under the carpet. The threshold will be higher the following year and then will return to the $600 level.

Sure seems like the $600 would encompass the $900 that got sent via Venmo for a date for Matty.

The folks at the IRS don’t have the staffing since the MAGA folks found a way to cut the funding for their staffing.

I get that you LOVE the articles days, but asking states to voluntarily fund the government isn’t the solution. Plus, if you remember correctly it’s how the boys in Mass treated their farmers that got the articles canned for the Constitution.

States run amuck with power isn’t the solution, although you seem to parrot that and the idiots who don’t know their history just believe it.

So, congratulations.. you champion Tubbs blocks for our command military group too don’t you?

Seems like, as usual, you got it all wrong. That’s usually Wrong-guides whole schtick.

 

[BabyBoomer50s]

As the article says, people are still responsible for declaring the income. It’s not like it is all just swept under the carpet. The threshold will be higher the following year and then will return to the $600 level.

Sure seems like the $600 would encompass the $900 that got sent via Venmo for a date for Matty.

The folks at the IRS don’t have the staffing since the MAGA folks found a way to cut the funding for their staffing.

I get that you LOVE the articles days, but asking states to voluntarily fund the government isn’t the solution. Plus, if you remember correctly it’s how the boys in Mass treated their farmers that got the articles canned for the Constitution.

States run amuck with power isn’t the solution, although you seem to parrot that and the idiots who don’t know their history just believe it.

So, congratulations.. you champion Tubbs blocks for our command military group too don’t you?

Seems like, as usual, you got it all wrong. That’s usually Wrong-guides whole schtick.

When the threshold for third parties reporting transactions is reduced from $20K to $600 goes into effect (new plan is $5K next year, then $600 in 2025), those platforms that must send 1099Ks and taxpayers that receive 1099Ks will need to distinguish between compensation for a service and gifts and casual sale of goods which are not taxable. Might shock you to learn that millions of people frequently use Venmo, eBay, Airbnb, Zell, etc. for transactions over $600. Wedding gifts, splitting restaurant tabs, occasional sales of household goods, etc. Some transactions are taxable, some are not. Sounds like you’re a supporter of imposing this reporting on people who engage in small non taxable transections.

 

[dkovic77]

When the threshold for third parties reporting transactions is reduced from $20K to $600 goes into effect (new plan is $5K next year, then $600 in 2025), those platforms that must send 1099Ks and taxpayers that receive 1099Ks will need to distinguish between compensation for a service and gifts and casual sale of goods which are not taxable. Might shock you to learn that millions of people frequently use Venmo, eBay, Airbnb, Zell, etc. for transactions over $600. Wedding gifts, splitting restaurant tabs, occasional sales of household goods, etc. Some transactions are taxable, some are not. Sounds like you’re a supporter of imposing this reporting on people who engage in small non taxable transections.

Transections? What is it with you guys with that??

And if there is reporting mechanism, then there is. What was Matty buying again with his $900?

That tax exempt??

 

[BabyBoomer50s]

Transections? What is it with you guys with that??

And if there is reporting mechanism, then there is. What was Matty buying again with his $900?

That tax exempt??

Wtf are you talking about?

 

[dkovic77]

Wtf are you talking about?

If you are accepting funds…you have already filed documentation with the IRS.

Are you questioning the $900 from Matty Venmo? That wasn’t a tax exempt purchase.

There are transactions and then there are transections.

 

[Chobham]

Just another indication as to how desperate the democrats are to get their grubby little fingers even deeper into the citizens pockets. "We're only going after the rich" my aching ass.

 

[BabyBoomer50s]

If you are accepting funds…you have already filed documentation with the IRS.

Are you questioning the $900 from Matty Venmo? That wasn’t a tax exempt purchase.

There are transactions and then there are transections.

lol. You are clueless. You don’t understand what a 1099-K is, what the current reporting threshold is, and what the change is under the American Rescue Plan Act.

https://www.irs.gov/businesses/understanding-your-form-1099-k

Reporting threshold​

“For tax year 2023, payment apps and online marketplaces are required to file a 1099-K for personal or business accounts that receive over $20,000 in payments from over 200 transactions for goods or services.

“There are no changes to what counts as income or how tax is calculated.

“The reporting threshold for third party settlement organizations, which include payment apps and online marketplaces, was changed to $600 by the American Rescue Plan Act of 2021. The IRS announced a delay in implementing this change for tax year 2023, which covers tax returns generally filed in early 2024.“

 

[dkovic77]

lol. You are clueless. You don’t understand what a 1099-K is, what the current reporting threshold is, and what the change is under the American Rescue Plan Act.

https://www.irs.gov/businesses/understanding-your-form-1099-k

Reporting threshold​

“For tax year 2023, payment apps and online marketplaces are required to file a 1099-K for personal or business accounts that receive over $20,000 in payments from over 200 transactions for goods or services.

“There are no changes to what counts as income or how tax is calculated.

“The reporting threshold for third party settlement organizations, which include payment apps and online marketplaces, was changed to $600 by the American Rescue Plan Act of 2021. The IRS announced a delay in implementing this change for tax year 2023, which covers tax returns generally filed in early 2024.“

No I understand it, glad you were able to do some extra digging to find some information out for yourself.

 

[icanhelp1]

Just another indication as to how desperate the democrats are to get their grubby little fingers even deeper into the citizens pockets. "We're only going after the rich" my aching ass.

Typical leftist agendas, big government intrusion for big government spending. Nothing more than intrusive collection regulations to enhance Marxist wealth redistribution. The left loves tyrannical government agendas. Republicans have been just as guilty. The blame for this falls squarely on an uninformed electorate.

 

[ll74]

Typical leftist agendas, big government intrusion for big government spending. Nothing more than intrusive collection regulations to enhance Marxist wealth redistribution. The left loves tyrannical government agendas. Republicans have been just as guilty. The blame for this falls squarely on an uninformed electorate.

Collecting taxes is a governmental function.

 

[Chobham]

Collecting taxes is a governmental function.

This is NOT about 'collecting taxes.' It's about government sticking it's snout into every aspect of the citizens life.

 

[jomar]

Just another indication as to how desperate the democrats are to get their grubby little fingers even deeper into the citizens pockets. "We're only going after the rich" my aching ass.

So give the IRS back the funding the repubs whisked away

 

[ll74]

This is NOT about 'collecting taxes.' It's about government sticking it's snout into every aspect of the citizens life.

Lol, of course it is.

 

[BabyBoomer50s]

This is NOT about 'collecting taxes.' It's about government sticking it's snout into every aspect of the citizens life.

And about making compliance confusing and expensive for platform providers and users.

 

[Lazaran]

It’s also about cracking down on organized human trafficking and retail theft operations.

People who have an excessive number of small monetary transfers online warrant scrutiny.

Digital currency and payment methods are facilitating tax evasion, money laundering, and many other forms of criminal activity.

One would think "the party of law and order and balancing the budget" for would want to crack down on that .

 

[ll74]

And about making compliance confusing and expensive for platform providers and users.

The provision isn't confusing. Anything over $600 for the year should be reported.

 

[JohnnySavage]

Litsters that think some IRS agent is sitting there reading 44 million 1099s are funny.

I send out about 50 1099s in January. It involves hitting the Send 1099s button on Quickbooks. 5 minutes, tops. Nobody at the IRS reads these things. You see... the IRS has these devices, called Computers, that do the reading for them.

 

[BabyBoomer50s]

The provision isn't confusing. Anything over $600 for the year should be reported.

No. You do not have to report non-taxable transactions on your tax return, regardless of whether they happen on a payment platform, a garage sale, or any other means of monetary exchange. If friend reimburses you on Zell or Venmo for concert tickets you got for him, it’s not taxable income. If you sell a dining room set on eBay, it’s not taxable income.

 

[RobDownSouth]

In the spirit of holiday cheer, the IRS is once again delaying its implementation of a provision in Biden’s American Rescue Plan Act law that requires payment platforms such as Venmo, Paypal or Cash App to send 1099-Ks to anyone who received more than $600 in the current tax year. They’re instead planning a phased implementation. In much the same way the Obamacare individual mandate proved to be an unworkable and unpopular fiasco, this one should simply be repealed.

https://www.cbsnews.com/news/irs-delay-600-reporting-form-venmo-paypal-1099k-2024/

Do me a favor sometime, tell someone who had a pre-existing condition and/or was subject to "maximum hospital reimbursement" how "Obamacare indidividual mandates proved to be unworkable".

After the taste is slapped from your mouth, marvel at how few of your teeth remain intact.

Note: this is where you typically whine "but but Obama said we cud keep our doctors!"

 

[BabyBoomer50s]

It’s also about cracking down on organized human trafficking and retail theft operations.

People who have an excessive number of small monetary transfers online warrant scrutiny.

Digital currency and payment methods are facilitating tax evasion, money laundering, and many other forms of criminal activity.

One would think "the party of law and order and balancing the budget" for would want to crack down on that .

Current law requires reporting $20K from over 200 transactions.