Venmo, paypal, cash app required to report to irs

#3
#3
The new tax law, the $600 rule, will apply to all payments received for service payments and goods, according to the report.
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It will not apply to individuals who use a third-party system to send a gift to an individual or for acts like paying someone back for buying dinner, the report noted.
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So the gov is going after business revenue and this is surprising?
 
#7
#7
If you make 400k or less a year you have nothing to worry about.

to think people actually believed that lie.
Your government has no desire to stop spending so they have to squeeze everyone for every possible cent.
 
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#8
#8
Rasputin_Vol said:
I am aware of that. I'm just saying we are moving in that direction.
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You would think that pj would by now figure out how the gov works. People like him honestly believe that the irs will stop just on business transactions. I'd love to live in his world of unicorns and cabbage patch dolls.
 
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#9
#9
Volaholic320 said:
You would think that pj would by now figure out how the gov works. People like him honestly believe that the irs will stop just on business transactions. I'd love to live in his world of unicorns and cabbage patch dolls.
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Yeah if one of us has shown to be completely clueless on this forum I'm betting it's me rather than you (and I'll go 5v1 on past usernames as well)

You didn't read the article and had no idea what this did. Now you're trying to save face using someone else's comment. Won't work happyjoegolferholicvol
 
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#10
#10
Volaholic320 said:
You would think that pj would by now figure out how the gov works. People like him honestly believe that the irs will stop just on business transactions. I'd love to live in his world of unicorns and cabbage patch dolls.
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I'll give him the benefit of doubt and say that he was just trying to clarify what this particular law was doing. My only counter to that is it really doesn't matter what this particular law says because we know that this will eventually work its way down to where all transactions, not just business, will be monitored.
 
#11
#11
Rasputin_Vol said:
I'll give him the benefit of doubt and say that he was just trying to clarify what this particular law was doing. My only counter to that is it really doesn't matter what this particular law say because we know that this will eventually work its way down to where all transactions, not just business, will be monitored.
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We can suppose that slippery slope exists but this is not what's happening. The op didn't realize that and is now backpedaling
 
#12
#12
I also can't see how everyone is so scared of this yet continues to laugh at things like defi efforts.
 
#13
#13
The IRS started this about 10-12 years ago requiring merchant services providers to issue 1099-K's totaling all of their credit card volume. This seems to be in a similar light.
 
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#14
#14
Rasputin_Vol said:
I'll give him the benefit of doubt and say that he was just trying to clarify what this particular law was doing. My only counter to that is it really doesn't matter what this particular law says because we know that this will eventually work its way down to where all transactions, not just business, will be monitored.
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"Vaccine mandates are a conspiracy theory".
 
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#19
#19
utvolpj said:
Basically all assets out of reach of the banks/govt. It's what will help 3rdv world countries now and the US once our govt breaks us down
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Yeah, I figured that's where you were going. I don't have any faith in that, either. The govt will find a way to breach that also.
 
#20
#20
How long before they start confiscating the property of those that don’t report all of their venmo/PayPal transactions? No reason to go after piddly stuff unless it’s part of a bigger picture.
 
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#21
#21
davethevol said:
How long before they start confiscating the property of those that don’t report all of their venmo/PayPal transactions? No reason to go after piddly stuff unless it’s part of a bigger picture.
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I'm still amazed at the very low bar of $600.
 
#23
#23
Rasputin_Vol said:
I'm still amazed at the very low bar of $600.
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$600 is the threshold to trigger a 1099. It's hilarious watching the Democrats talk about this catching tax dodging millionaires when it's going to sweep up so many low to middle income laborers which skew disproportionately minority.
 
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#24
#24
Wonder if that includes “friends and family” transactions? Guess it’s a good thing you can’t use PayPal to buy guns and ammo. Why not Apple Pay or the other tech based payment methods?
 
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