IRS Warns Americans of New Law in 2023

#26
#26
hog88 said:
You know I'm talking about people who make minimal transactions and not people using ebay and ext as their primary income source. There will be people caught with less than 10k in total sales of whatever that didn't keep records to offest the income and end up paying the full load on the amount they collected.

I'm not talking about the full time gig worker or people who make their living on Etsy.
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Again, if they were a business, they should be reporting it even if they have only 9K in receipts...

The only issue I see for "honest" mistakes will be the 21 year old who gets $750 ven'moed to them by granny as a gift. Yes, it should be easy to clear up if you get a letter but not fun..
 
#27
#27
BigOrangeMojo said:
Again, if they were a business, they should be reporting it even if they have only 9K in receipts...

The only issue I see for "honest" mistakes will be the 21 year old who gets $750 ven'moed to them by granny as a gift. Yes, it should be easy to clear up if you get a letter but not fun..
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Most people don't consider a minor side job a business. Just a little extra cash to help out.
 
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#29
#29
C-south said:
If I buy something for $600, then sell it for $600, why am I paying taxes on something twice?
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You won't if you kept your receipt but of course this means you'll have to file a schedule C and I don't know whether or not you can file a schedule c if you don't itemize.
 
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#30
#30
What this boils down to, is if you sell a used riding mower for say $1000 and get paid via PayPal or Venmo you're going to have to add that to your income and depending on your tax rate could cost you a few hundred dollars in additional taxes.
 
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#39
#39
VolStrom said:
I think I know who the local tax accountant is.
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I don't get the impression BOM is like the average lawyer who loves new and complicated laws because they drive up business. I think he's more on the respectable side which most good accountants are.
 
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#45
#45
hog88 said:
I don't get the impression BOM is like the average lawyer who loves new and complicated laws because they drive up business. I think he's more on the respectable side which most good accountants are.
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I had no idea what he does for a living, but to make this sound like it's going to be easy for the average Joe that occasionally sells something for more than $600 is ludicrous. This is going to be a freaking nightmare.
 
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#46
#46
VolStrom said:
I had no idea what he does for a living, but to make this sound like it's going to be easy for the average Joe that occasionally sells something for more than $600 is ludicrous. This is going to be a freaking nightmare.
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Yes it will. No paying your buddy using Venmo who does a side job for you on the weekend. Gonna have to be straight cash until they do away with that.
 
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#47
#47
BigOrangeMojo said:
Never said that but they already get W2s, interest, dividend, 1099, stock sales, etc. Just wondering why the fuss over this and not that...
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Because 87,000 irs agents will be pretty Gung ho to get into auditing, thats why. This is just way to continue to push totalitarianism on us
 
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#48
#48
VolStrom said:
I had no idea what he does for a living, but to make this sound like it's going to be easy for the average Joe that occasionally sells something for more than $600 is ludicrous. This is going to be a freaking nightmare.
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I sell baseball cards on ebay sometimes. I'll sell over 600.00 some. Millions and millions of people sell that much In a year. It's just more tyranny from the DIM-o-rat party
 
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#49
#49
hog88 said:
Yes it will. No paying your buddy using Venmo who does a side job for you on the weekend. Gonna have to be straight cash until they do away with that.
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How does this affect cash withdrawals? Is the limit on taking out cash going to change from $10k to $600?
 
#50
#50
I don't know if anything has changed or not over the years but in 2002 or 2003 when my wife was doing some consulting on the side she was paid a little over 10 grand by a company (one man shop), received it Jan or Feb and didn't get a 1099. She forgot about it and didn't tell me, when we filed taxes that money wasn't accounted for. 2-3 years later get a nice letter from the IRS letting us know we under-reported our income and by their good graces figured out how much in taxes we owed on that money and as long as we paid that along with interest (dating back to the date we filed) and a healthy penalty all would be forgiven. The honest mistake excuse wasn't accepted.
 
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