Topic: Read this if you accept payments via Paypal or other online payment services

[ekpent]

  Well our sneaky and greedy politicians slipped a little extra bill into the Covid 19 recovery act for this year. If or when you exceed receiving payments totaling over $600.00 for goods or services for the year Paypal and the other online payment services you will be sent a 1099 and all that information will also be reported to the IRS. The old law was 200 transactions or $20,000 before they had to report.  Just a little something to keep in mind if your a casual seller on E-bay or other platforms and do online payments. Friends and family transactions do not count against you.
  Here is one article but many more out there if you are unaware of these changes.  Big Brother is watching even closer now     https://www.theguardian.com/business/2022/jan/02/new-tax-rule-paypal-venmo-cash-app

[BomberMann650]

Agency intelligence at its finest.

The i r.s. expects you to report the value of STOLEN goods as income.  Unless you returned it to the owner

[34barab]

  Well our sneaky and greedy politicians slipped a little extra bill into the Covid 19 recovery act for this year. If or when you exceed receiving payments totaling over $600.00 for goods or services for the year Paypal and the other online payment services you will be sent a 1099 and all that information will also be reported to the IRS. The old law was 200 transactions or $20,000 before they had to report.  Just a little something to keep in mind if your a casual seller on E-bay or other platforms and do online payments. Friends and family transactions do not count against you.
  Here is one article but many more out there if you are unaware of these changes.  Big Brother is watching even closer now     https://www.theguardian.com/business/2022/jan/02/new-tax-rule-paypal-venmo-cash-app

Thanks for the heads up.

[PeWe]

I think the rulers can dictate what they want in the name of Covid.
Soon in combination with "Global warming" despite colder climate over the year where I live.

It is better if they can write the truth. Covid is hitting the economy very hard, we need therefore more money as tax.

There are  internet portal people with lots of money that can contribute if they want.

So selling your old car or bike will end up in tax?
Or only when sold as parts on eBay?

[BenelliSEI]

Won’t be long now…… next will be explaining significant E-transfers tooo.

[Shopdog]

Have you noticed every crisis results in transferring more power to the govt and less to citizens? When they don't have a convenient crisis, the just make one up. And you're not allowed to question it, or you'll be canceled. Fun times!

[ekpent]

"You never want a serious crisis go to waste" - quote Rahm Emanuel 2008    Similar to one Winston Churchill used in WW11 that was "Never let a good crisis go to waste"

[RAFster122s]

"You never want a serious crisis go to waste" - quote Rahm Emanuel 2008    Similar to one Winston Churchill used in WW11 that was "Never let a good crisis go to waste"

+1

[Don R]

 Reminds me of NHRA, I paid several hundred at the gate to get in and won a couple hundred. Sure enough, a 1099 had to be signed to get it.

[ekpent]

Good News !  Because our efficient government is not ready for the $600.00 reporting change it looks like there will not be a need to report and hopefully not receive a 1099 from online payments from Paypal and the rest and the reporting threshold for now will remain at $20,000 or 200 transactions. Wish I would have know earlier when I backed off selling on E-bay as my total was getting up there pretty good and wasn't sure how it was going to effect my wife and mine's tax situation.  Hopefully it will be changed permanently or modified significantly before the end of 2023. 

[Stev-o]

Good News ! 

Certainly is, Eric, thx for the update.   It's really not surprising to me though...

[Jerry Rxman Griffin aka MuthaF'er]

It appears to me that once this new threshold is activated we can still avoid the reporting and a 1099 by keeping transactions at or below $600. I had a friend pay me back ~ $1000 for a condo rental we took. He is not very adept at these things and tagged it as goods and services. PayPal refused to reach out to him and recategorize the transaction. My new solution will be to split up larger transactions into smaller transactions as $600 or less for goods and services.   

[ekpent]

It appears to me that once this new threshold is activated we can still avoid the reporting and a 1099 by keeping transactions at or below $600. I had a friend pay me back ~ $1000 for a condo rental we took. He is not very adept at these things and tagged it as goods and services. PayPal refused to reach out to him and recategorize the transaction. My new solution will be to split up larger transactions into smaller transactions as $600 or less for goods and services.   

The $600.00 limit was for a grand total for a year and not on just single transactions over $600.00. And yes Paypal family and friends would not have been included in that $600.00 yearly limit/total.
  From what I heard the IRS is still working on tax returns for this year with of course a huge new boat load coming in 2023. Here is a real link to the good news I forgot to add on my other post.  https://www.kiplinger.com/taxes/irs-form-1099-k-600-dollar-reporting-threshold

[RAFster122s]

Zelle was not planning to issue any 1099k statements to anyone including the IRS. They were not setup to do so and they do not have a mechanism for designating it as business or personal. Not that your liability would be eliminated at all...
A half baked plan to recoup tax dollars because of the stimulus check bills...
The IRS is still pretty far behind processing past years tax returns. All the new armed agents aren't going to help that either...

[70CB750]

Good News !  Because our efficient government is not ready for the $600.00 reporting change ...

Shocking!   Are you saying our government is not the best we ever had?  I remember the president claiming that. 

[grcamna2]

subscribed 

[jlh3rd]

It appears to me that once this new threshold is activated we can still avoid the reporting and a 1099 by keeping transactions at or below $600. I had a friend pay me back ~ $1000 for a condo rental we took. He is not very adept at these things and tagged it as goods and services. PayPal refused to reach out to him and recategorize the transaction. My new solution will be to split up larger transactions into smaller transactions as $600 or less for goods and services.   

The $600.00 limit was for a grand total for a year and not on just single transactions over $600.00. And yes Paypal family and friends would not have been included in that $600.00 yearly limit/total.
  From what I heard the IRS is still working on tax returns for this year with of course a huge new boat load coming in 2023. Here is a real link to the good news I forgot to add on my other post.  https://www.kiplinger.com/taxes/irs-form-1099-k-600-dollar-reporting-threshold

eh...once the dollar goes digital, these "type" of regulations will be mute as transactions will be instantaneous and visible....more so than they are now.....
forget cash.....and,..I purposely used a CNN report.....

[Medyo Bastos]

Agency intelligence at its finest.

The i r.s. expects you to report the value of STOLEN goods as income.  Unless you returned it to the owner

Hahaha, unless it was taken from Walgreens and totaled less than $800


Sent from my iPhone using Tapatalk

[HondaMan]

Good News !  Because our efficient government is not ready for the $600.00 reporting change ...

Shocking!   Are you saying our government is not the best MOST we ever had?  I remember the president claiming that. 

...fixed that typo for you...

[HondaMan]

eh...once the dollar goes digital, these "type" of regulations will be mute as transactions will be instantaneous and visible....more so than they are now.....
forget cash.....and,..I purposely used a CNN report.....

Yeah, can't wait: then your digital savings account can vanish without a trace, nor smoke!

[PeWe]

Banks can block your fundings you still have but cannot use. Or if you cannot show how you have got the money, anti-terrorist procedure to block it or just take it.
I guess this will be more common. WEF ....

[ekpent]

Think Canada was blocking people from their accounts etc. during that trucker strike that raged on for awhile. Big brother is watching. And what's going on with hand guns ?  https://www.nytimes.com/2022/02/22/world/americas/canada-protest-finances.html

[70CB750]

Good News !  Because our efficient government is not ready for the $600.00 reporting change ...

Shocking!   Are you saying our government is not the best MOST we ever had?  I remember the president claiming that. 

...fixed that typo for you...

Thank you 

[Bankerdanny]

The $600 reporting threshold has been put on hold for the time being, but expect it to come back.

[HondaMan]

The $600 reporting threshold has been put on hold for the time being, but expect it to come back.

Imagine...the gov't couldn't put enough resources on it to get it done in a year...