Originally Posted by Longbob
https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements

Again, this is only for businesses or people that are accepting payments for goods and services that were required to report them in the first place. Which would be the case under a totally voluntary tax system. We are migrating from a voluntary tax system towards an involuntary tax system when you see information reported to the IRS with all the 1099s and lowered thresholds.





Please don’t inject these pesky facts. We’re on a righteous roll here.