Biden Administration proposal of more bank reporting to IRS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:y'all understand, people use these platforms to commit crimes, right? And usually, we want to lasso the criminals, right? So people affecting such transactions on these platforms who are doing it legally should have no issues with filling out these forms.

They also use the platforms to pay back money for tickets and other things that have nothing to do with crime or income.

It is a total PITA.

Correct. My kid is doing a year abroad for his last year of college, and money I give him as an allowance will be taxed? Ridiculous

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:y'all understand, people use these platforms to commit crimes, right? And usually, we want to lasso the criminals, right? So people affecting such transactions on these platforms who are doing it legally should have no issues with filling out these forms.

They also use the platforms to pay back money for tickets and other things that have nothing to do with crime or income.

It is a total PITA.

Correct. My kid is doing a year abroad for his last year of college, and money I give him as an allowance will be taxed? Ridiculous

You should be issuing a 1099-NEC. Scofflaw.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dude...WTF Biden slipped one by us. He is now requiring all payment VENDORS to report more than $600 in funds to the IRS.

Of course.

This is the new surveillance state. Brought to you courtesy of the Democratic Party.

He doesn't trust the citizens. Must keep a close eye on them.

Y'all cain't take away mah freedom... from sellin' MAGA hats on the eBay and not payin' no tax on it.

I don't need my side hustles taxed for his free social welfare propaganda. They're hustles for a reason. Pay for your own damned childcare.

I just bought a new printer for my brother. He is going to Venmo me the money to pay me back.
The more transactions one has like this, the more questionable they appear - even though they are totally legal and innocent.
But, under these new rules, it will be incumbent on ME to prove they are legal and innocent.
It is a total pain in the a$$ and totally unnecessary.

Does nobody read the articles?

The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

And, how does the vendor like Venmo or the IRS know what the transaction is for?

A more accurate question is how would they know the cost basis for the couch? You will need to manually reconcile that on your taxes. Hooray!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:y'all understand, people use these platforms to commit crimes, right? And usually, we want to lasso the criminals, right? So people affecting such transactions on these platforms who are doing it legally should have no issues with filling out these forms.

They also use the platforms to pay back money for tickets and other things that have nothing to do with crime or income.

It is a total PITA.

Correct. My kid is doing a year abroad for his last year of college, and money I give him as an allowance will be taxed? Ridiculous

You should be issuing a 1099-NEC. Scofflaw.