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All electronic funds transferred over $600.00 will be sent a 1099K from the bank.


I've been so overwhelmed with fake news that I'm now nuts. Let's go Brandon
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Not sure if the "funds" will receive it... laugh laugh

My son's a CPA - I'll ask him about it..


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Funds like PayPal, cash app and the like? Deposits to my bank account won't apply?


@jameslavish

If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference.

This is inflation
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Please clarify. Or post link to what you are describing.

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It is for third party payment apps like PayPal, Venmo, etc... and only if you are selling goods or services. Private transfers to individuals are not impacted.

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The Guardian has a short understandable plain language article on this, sorry about not knowing how to link.


Well this is a fine pickle we're in, should'a listened to Joe McCarthy and George Orwell I guess.
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Originally Posted by TimberRunner
Please clarify. Or post link to what you are describing.

Here's 1 short blurb about it:

Venmo, PayPal, Cash App Must Report Payments of $600 or More to the IRS
Tue, January 4, 2022, 12:19 PM

New year, new tax requirements. The Internal Revenue Service (IRS) is cracking down on payments received through third-party apps like Venmo, PayPal and Cash App to ensure those using these networks are paying their fair share of taxes. These platforms, coincidentally, also allow crypto purchases. "The Hash" crew discusses the issues of regulation, consumer privacy and impact on small businesses.


“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell

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Here is a fairly good break down...


New 1099K reporting rules


"Maybe we're all happy."

"Go to the sporting goods store. From the files, obtain form 4473. These will contain descriptions of weapons and lists of private ownership."
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My son said rule's been around forever - has to do with 'services' rendered and some corporate transactions... The IRS is mainly concerned with businesses like private contractors - and others that I can't remember now...

For example- the farm I work for part-time had to send a 1099 to a private citizen for cement work that was done at the farm.. The citizen is a union cement worker for a large company and occasionally does some weekend/side jobs for locals; like garage pouring/sidewalks etc...


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Originally Posted by Redneck
My son said rule's been around forever - has to do with 'services' rendered and some corporate transactions... The IRS is mainly concerned with businesses like private contractors - and others that I can't remember now...

For example- the farm I work for part-time had to send a 1099 to a private citizen for cement work that was done at the farm.. The citizen is a union cement worker for a large company and occasionally does some weekend/side jobs for locals; like garage pouring/sidewalks etc...


Been around forever However the reporting rules and thresholds are changing.


"Maybe we're all happy."

"Go to the sporting goods store. From the files, obtain form 4473. These will contain descriptions of weapons and lists of private ownership."
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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.

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A little common sense goes a long way here. If the receiver gets a 1099 then the sender is probably listed on the form. Its all about controlling the public.


I've been so overwhelmed with fake news that I'm now nuts. Let's go Brandon
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Cash is king!


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Watch the camel's nose..


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Bitcoin take off today?


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Hiring more Govt. agents is bidenspeak for job creation.


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Originally Posted by poboy
Hiring more Govt. agents is bidenspeak for job creation.

GDP includes a bunch of government spending. It's a racket.


@jameslavish

If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference.

This is inflation
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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.

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Originally Posted by Longbob
It is for third party payment apps like PayPal, Venmo, etc... and only if you are selling goods or services. Private transfers to individuals are not impacted.

So let’s say I sell my old “collector’s item” Honda motorcycle to Joe Sixpack. He pays me $1000 thru Pay Pal. You’re saying Pay Pal will then send me a 1099 on the $1000 received and that must be reported on my tax return?

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