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

[BabyBoomer50s]

Biden Administration steps up reporting requirements and enforcement on low income and middle class people who conduct $600 transactions. “We’re watching you peasants. Pay up.”

https://www.cnbc.com/2022/11/23/her...-1099-k-for-third-party-payments-in-2022.html

 

[Chobham]

Thank God they're going after the wealthy!!!

 

[BabyBoomer50s]

Thank God they're going after the wealthy!!!

Bezos is obviously the target

 

[Wedge_Antilles]

I sent 1500 to my son in college via cashapp with a note that said "for coke and whores." I knew it was gonna come back on me eventually.

 

[JohnEBbad]

Thank God they're going after the wealthy!!!

Turns out "the wealthy" is not as large a pool of quick cash that the Left has wet dreams over...

 

[Chobham]

Turns out "the wealthy" is not as large a pool of quick cash that the Left has wet dreams over...

They never were. It's a lot easier to put the screws to those that don't have the means to fight back.

 

[iso36]

They just want to catch that (R) Matt buying Co-eds.

 

[BabyBoomer50s]

Merry Christmas from the Biden Administration. The IRS is granting a one-year reprieve from the $600 reporting mandate. The action comes in recognition of the nightmare for taxpayers, accountants, online platforms and the IRS, which would have been drowned with questions during filing season.

 

[HisArpy]

Merry Christmas from the Biden Administration. The IRS is granting a one-year reprieve from the $600 reporting mandate. The action comes in recognition of the nightmare for taxpayers, accountants, online platforms and the IRS, which would have been drowned with questions during filing season.

I wonder where, if anywhere, in the law is the authority for the IRS to decide not to obey their mandate and enforce the law.

Seems to me that if there's to be a "reprieve" that should come from Congress via the appropriations legislation just passed.

 

[YDB95]

In case anyone missed it (and the usual suspects undoubtedly made a point of doing so), this is simply a matter of closing a loophole that enabled people to avoid declaring certain types of earned income. Like almost all loopholes, this ultimately benefitted the rich far more than low-income and middle-class households. As with almost all tax-related issues, the REAL problem for the right is that taxes exist at all.

 

[JohnEBbad]

Loopholes are a designed "feature" of our tax code; a demand for political indulgences (contributions).
They are nothing more than a shakedown tool aimed at those with the means to protect themselves from the tax code.

The tax codes should be blind and not subject to the political pickings of winners and losers.
This is why I am such a staunch proponent of the FairTax.org.
It's truyblind and everyone pays their "fair" share.

 

[JohnEBbad]

Our current tax code is the most disingenuous, if not dishonest and distorted method of extracting monies.

The mouth breathers love it because they envision that they are soaking the rich.

The rich love it because they write it, including their protections
from the mouth-breathers...

FairTax.org

 

[Chobham]

Our current tax code is the most disingenuous, if not dishonest and distorted method of extracting monies.

The mouth breathers love it because they envision that they are soaking the rich.

The rich love it because they write it, including their protections
from the mouth-breathers...

FairTax.org

Precisely.

"Look, there's another butterfly."

 

[JohnEBbad]

Don't pay attention to the Congressional contributors behind the curtain...

 

[Chobham]

It's obvious that the democrats have declared 'open season' on the middle class.

 

[JohnEBbad]

Well, they do give them lip service and they bend over backwards to get them into the colleges they control ideologically. They do, though, at times seem to be too impatient to await the golden eggs...

 

[JohnnySavage]

Hasn't it been $600 for a long time?

 

[Chobham]

Hasn't it been $600 for a long time?

Of sorts it has. Then again $100 1965 dollars are now worth $10.68.

 

[icanhelp1]

In case anyone missed it (and the usual suspects undoubtedly made a point of doing so), this is simply a matter of closing a loophole that enabled people to avoid declaring certain types of earned income. Like almost all loopholes, this ultimately benefitted the rich far more than low-income and middle-class households. As with almost all tax-related issues, the REAL problem for the right is that taxes exist at all.

The american people would be better served if the IRS tracked down the billions of dollars fraudulently appropriated from the covid relief bills and not minuscule $600 TRANSACTIONS* Penny wise and pound foolish policy, just Joe and his minions attacking the middle and lower classes.

 

[JohnEBbad]

The American People would be better served if tax codes were not solidly entrenched in wealth envy.

FairTax.org

 

[JohnnySavage]

I've been sending out 1099s for years. I'm probably just ahead of the curve.

 

[icanhelp1]

Of sorts it has. Then again $100 1965 dollars are now worth $10.68.

Now people who win $600 in the lottery will now get a 1099-K

 

[JohnnySavage]

Now people who win $600 in the lottery will now get a 1099-K

Again... That's how it's been for years.

 

[JohnEBbad]

Now people who win $600 in the lottery will now get a 1099-K

People who play the lottery already paid the stupidity tax.

I'd say, yeah, tax that income, as long as they can claim their losses...

 

[icanhelp1]

People who play the lottery already paid the stupidity tax.

I'd say, yeah, tax that income, as long as they can claim their losses...

Stupid or not the less affluent do purchase lottery hoping for that magic hit. In MA you only pay state tax for winnings over $600. For anything over $5000 they pay uncle at the time they cut the check which is filed as taxes payed. I will say that the $600 *W-G2* winning is filed with your taxes but is usually offset by losses.