Death of Gemstone

[Shaps]

https://www.dailymail.co.uk/news/art...g-600-IRS.html

"Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement"

Watch out!

Somehow this shit got put back in at the last minute... I spoke on it months ago... You'll see what follows.

Good luck selling shit for $ on here now.

[Realk]

please educate me, I read nothing in there that would change how money is exchanged here on PC for items that don't exist. Where nobody is claiming to be a small business owner.

[Tgo01]

please educate me, I read nothing in there that would change how money is exchanged here on PC for items that don't exist. Where nobody is claiming to be a small business owner.

According to the article this rule is different than the one they originally proposed which would have required PayPal to hand over this information for any account that had 600 dollars worth of transactions a single year, this rule apparently only deals with business accounts.

We'll see I suppose. Wouldn't surprise me if this morphs into the original proposal by the end of the year.

[~Rocktar~]

It applies to transactions using goods and services, not friends and family.

[Shaps]

https://news.bloombergtax.com/tax-in...coming-in-2022

"Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS."

"Homeowners who rent out their vacation properties through a marketplace typically do not receive Form 1099-K under the existing rules because they usually do not meet the 200-transactions-per-year threshold; similarly, sellers of collectibles on the internet rarely meet the threshold. Likewise, many individuals who seek to earn extra cash via online websites by making deliveries, cleaning houses, babysitting, or performing other services frequently do not earn more than $20,000 during a calendar year. However, under the new law, these property owners and gig workers will now receive 2022 Forms 1099-K reporting their extra income in January 2023 if that income in 2022 exceeds $600."

It's going to get everyone.

As said many times before... eventually they'll get to something you care about... and this is only going to get worse.

Dumbasses put these power hungry fuckers into power. Have to love ideologues, their platitudes, and ignorance that allows such things to happen.

So have fun paying off the IRS on shit you're selling on here LOL.

[Tgo01]

https://news.bloombergtax.com/tax-in...coming-in-2022

"Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS."

"Homeowners who rent out their vacation properties through a marketplace typically do not receive Form 1099-K under the existing rules because they usually do not meet the 200-transactions-per-year threshold; similarly, sellers of collectibles on the internet rarely meet the threshold. Likewise, many individuals who seek to earn extra cash via online websites by making deliveries, cleaning houses, babysitting, or performing other services frequently do not earn more than $20,000 during a calendar year. However, under the new law, these property owners and gig workers will now receive 2022 Forms 1099-K reporting their extra income in January 2023 if that income in 2022 exceeds $600."

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:

It is important to note that transactions for personal gifts, charitable contributions, and reimbursements are specifically excluded from Form 1099-K reporting. Most TPSOs will likely attempt to identify such transactions based on their user agreements, which generally specify whether the user will be using the website for personal or commercial transactions.

So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

[LOL BRIELUS]

womp

[Shaps]

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:



So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

If you think those companies won't send every transaction in to the IRS to cover their asses, you're wrong.. they will...

The really scary part.... is it's then on YOU to prove what the money was for, and prove that it was not earned income. So once they start the audit on you, better have the supporting documentation on hand to support whatever story you're trying to give them.

This is just a stepping stone for them though.. they're laying the groundwork.. and now that this got passed.. it's never coming off the books. It's only going to get added to.

But hey... least we got Orange man out.

[Neveragain]

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:



So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

A large portion of this is so they can tax transactions in "metaverse" platforms.

We are going to see extensive legal arguments over the coming years about who has the rights to tax virtual realms.

[Shaps]

They're also trying to apply this to people personal bank accounts... so any transaction over $600 dollars can trigger a look at your bank statements by the IRS if they want to... and see everything you choose to spend your money on.

Hopefully that doesn't make it in... but I'm sure the dumbasses who think the Voting Rights Bill being pushed is actually about Voting Rights won't pay any attention to the actual details either... so we're pretty much fucked because of uniformed, headline reading, self-righteous dipshits.