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Joined: May 2004
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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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Joined: Jan 2001
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Campfire Kahuna
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Campfire Kahuna
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Not sure if the "funds" will receive it... My son's a CPA - I'll ask him about it..
Ex- USN (SS) '66-'69 Pro-Constitution. LET'S GO BRANDON!!!
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Joined: May 2015
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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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Joined: Oct 2002
Posts: 9,967
Campfire Outfitter
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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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Joined: Dec 2014
Posts: 8,962
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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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Campfire Kahuna
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Campfire Kahuna
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I am MAGA.
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Joined: Jan 2006
Posts: 69,067
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,067 |
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
It's not over when you lose. It's over when you quit.
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Posts: 19,434
Campfire Ranger
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Campfire Ranger
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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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Joined: Jan 2001
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Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2001
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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...
Ex- USN (SS) '66-'69 Pro-Constitution. LET'S GO BRANDON!!!
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Joined: Apr 2017
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Campfire Ranger
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Campfire Ranger
Joined: Apr 2017
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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... 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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Posts: 9,967
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https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirementsAgain, 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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Joined: May 2004
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Campfire Regular
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Posts: 1,334 |
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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Politics is War by Other Means
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Posts: 17,180
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Campfire Ranger
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"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man." Thomas Jefferson
GeoW, The "Unwoke" ...Let's go Brandon!
"A Well Regulated Militia" Life Member
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A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Hiring more Govt. agents is bidenspeak for job creation.
--- CAUGHT IN THE CROSSFIRE --- A Magic Time To Be An Illegal In America---
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Campfire Regular
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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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Joined: Oct 2021
Posts: 10,410
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 10,410 |
https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirementsAgain, 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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Joined: Jul 2020
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Campfire Regular
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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. 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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