Author Topic: READ!!! New IRS reporting rule in effect all this year  (Read 1310 times)

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Offline Ricky_Racer

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READ!!! New IRS reporting rule in effect all this year
« on: October 09, 2023, 03:44:00 PM »
Guys, you need to be aware of or research info about the new IRS rule regarding total online sales of $600 for the entire 2003 year. It's gonna be a problem for many of us. This includes payments through PayPal, eBay, etc. These vendors will send you a 1099K and you are expected to respond. It does not affect Zell or PayPal friends and family income. Check it out!

https://www.kiplinger.com/taxes/irs-form-1099-k-600-dollar-reporting-threshold#:~:text=The%20%E2%80%9C%24600%20rule%E2%80%9D%20means%20if,your%20federal%20income%20tax%20return.

I'm affected by this as well, so everything will be sold as "friends and family" sales.

RR
I was put on Earth to accomplish a certain number of things. Now I'm so far behind, I'll never die!

Offline Gurp

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #1 on: October 09, 2023, 04:19:01 PM »
Unfortunately big brother is looking for a squeeze on whatever we can muster for ourselves..... As usual....

It hits me eBay and Etsy. Just barely. I'm sure many of you on here are hit much harder though.

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Offline Ricky_Racer

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #2 on: October 09, 2023, 04:45:12 PM »
Just note that the $600 is for the yearly total! I'm trying to find out if it applies to social security recipients since we don't have file an income tax form if it is the only income we claim. I hope we are immune to this insanity. It previously was $10,000  and/or 200 transactions; they dropped it to only $600! That's gonna kill a lot of people who can do only cash or Zell.

« Last Edit: October 09, 2023, 04:48:18 PM by Ricky_Racer »
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Offline HondaMan

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #3 on: October 09, 2023, 04:58:15 PM »
Why do you think they just forced thru the bill to hire 87,000 new IRS agents?
They have also made a rule for them that they must be willing to carry a gun to hire on. This is currently being fought, but so far it is holding.
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Offline Ricky_Racer

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #4 on: October 09, 2023, 08:03:24 PM »
I was put on Earth to accomplish a certain number of things. Now I'm so far behind, I'll never die!

Offline scottly

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #5 on: October 09, 2023, 08:19:30 PM »
Ted, did you ever noticed how I've always insisted on checks when dealing with you? ;)
Don't fix it if it ain't broke!
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Offline BomberMann650

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #6 on: October 09, 2023, 10:15:30 PM »
"$600 is a lot of money!"
     - People in the 1800's

Offline ekpent

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #7 on: October 10, 2023, 09:21:00 AM »
I posted a thread about this last year concerning this same exact situation which was supposed to be implemented in 2022.  Luckily the government couldn't get their act together to do it and it was cancelled.  Hopefully the same incompetence this year will prevail.

Offline carnivorous chicken

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #8 on: October 10, 2023, 10:56:30 AM »
"$600 is a lot of money!"
     - People in the 1800's

Or people in their 80s in  Congress.

Dunno why they don't spend more resources going after the people who dodge taxes on the billion dollar scale... or maybe I do.

Offline madmtnmotors

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #9 on: October 10, 2023, 11:59:35 AM »
Spend a dollar chasing after a dime...
TAMTF...


Wilbur



Projects:
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Offline newday777

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #10 on: October 10, 2023, 12:06:34 PM »
Spend a dollar chasing after a dime...

But look at all the hiring the admin are hiring......
Stu
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My current rides
1975 K5 Planet Blue my summer ride, it was a friend's bike I worked with at the Honda shop in 76, lots of fun to be on it again
1976 K6 Anteres Red rebuilding project, was originally my brother's that I set up from the crate, it'll breath again soon!
Project 750s, 2 K4, 2 K6, 1 K8
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Prior bikes....
1972 Suzuki GT380 I had charge of it for a year in 1973 while my friend was deployed and learned to love street riding....
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New CB750 K5 Planet Blue, demise by ex cousin in law at 9,000 miles...
New CB750 K6 Anteres Red, to replace the totaled K5, I sold this K6 at 45k in 1983, I had heavily modified it, many great memories on it and have missed it greatly.....
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Offline ekpent

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #11 on: November 26, 2023, 04:56:13 AM »
Everyone can breathe a little easier if your an online seller or accept online payments. Just heard this morning on the news that the IRS is suspending the "$600.00 rule" for the second year in a row.   :D

Offline newday777

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #12 on: November 26, 2023, 05:33:46 AM »
Everyone can breathe a little easier if your an online seller or accept online payments. Just heard this morning on the news that the IRS is suspending the "$600.00 rule" for the second year in a row.   :D
Good to hear
Stu
Honda Parts manager in the mid 1970s Nashua Honda
My current rides
1975 K5 Planet Blue my summer ride, it was a friend's bike I worked with at the Honda shop in 76, lots of fun to be on it again
1976 K6 Anteres Red rebuilding project, was originally my brother's that I set up from the crate, it'll breath again soon!
Project 750s, 2 K4, 2 K6, 1 K8
2008 GL1800 my daily ride and cross country runner

Prior bikes....
1972 Suzuki GT380 I had charge of it for a year in 1973 while my friend was deployed and learned to love street riding....
New CB450 K7 after my friend returned...
New CB750 K5 Planet Blue, demise by ex cousin in law at 9,000 miles...
New CB750 K6 Anteres Red, to replace the totaled K5, I sold this K6 at 45k in 1983, I had heavily modified it, many great memories on it and have missed it greatly.....
1983 GL1100A, 1999 GL1500 SE, 1999 GL1500A

Offline Medyo Bastos

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #13 on: November 26, 2023, 10:20:19 AM »
We’ll see


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Offline Medyo Bastos

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #14 on: November 26, 2023, 10:20:51 AM »
Guys, you need to be aware of or research info about the new IRS rule regarding total online sales of $600 for the entire 2003 year. It's gonna be a problem for many of us. This includes payments through PayPal, eBay, etc. These vendors will send you a 1099K and you are expected to respond. It does not affect Zell or PayPal friends and family income. Check it out!

https://www.kiplinger.com/taxes/irs-form-1099-k-600-dollar-reporting-threshold#:~:text=The%20%E2%80%9C%24600%20rule%E2%80%9D%20means%20if,your%20federal%20income%20tax%20return.

I'm affected by this as well, so everything will be sold as "friends and family" sales.

RR
Thanks Ted!


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Offline HondaMan

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #15 on: November 26, 2023, 10:24:48 AM »
Everyone can breathe a little easier if your an online seller or accept online payments. Just heard this morning on the news that the IRS is suspending the "$600.00 rule" for the second year in a row.   :D
Good to hear

I just found notice of that, too.
They actually said they haven't figured out a "fair way to asses it".

Uh-huh...
See SOHC4shop@gmail.com for info about the gadgets I make for these bikes.

The demons are repulsed when a man does good. Use that.
Blood is thicker than water, but motor oil is thicker yet...so, don't mess with my SOHC4, or I might have to hurt you.
Hondaman's creed: "Bikers are family. Treat them accordingly."

Link to Hondaman Ignition: http://forums.sohc4.net/index.php?topic=67543.0

Link to My CB750 Book: https://www.lulu.com/search?adult_audience_rating=00&page=1&pageSize=10&q=my+cb750+book

Link to website: www.SOHC4shop.com

Offline RAFster122s

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #16 on: November 26, 2023, 03:37:04 PM »
They are trying to claw back some of the Trillions they added to the national debt.
 I forget how many trillion Biden has added to the national debt, more than any other president in history.
The national debt is now impossible to repay I saw a headline about over a month ago.
They extended the debt ceiling but don't have a budget yet.
The days of balanced budget are long gone.

It is good they suspended it another year... Guess I can see if I can unload a few things in December.

Wonder if they will walk back this new law or change it to a less stringent amount.

David

P.S. A friend whose wife was in DOD IT computer security, and info security starts Monday morning for the IRS in Tucson in a fraud and tax evasion dept. Because she is in that group but only going to be dealing with the IT aspect of that department she maybe sworn in and be one of the gun toting agents. Being Federally sworn as an agent with a gun means she can travel on airlines with a firearm. She is an excellent shot, BTW. She often carries a special custom works built Springfield armory compact 9mm with lots of custom upgrades...that non custom gun is a popular model of Springfield's line. Granted she wasn't carrying it on DOD base as a government contractor. But as a Federal agent licensed to carry she might be legal to carry on military bases, I don't know.
« Last Edit: November 26, 2023, 04:51:56 PM by RAFster122s »
David- back in the desert SW!

Offline grcamna2

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #17 on: November 26, 2023, 06:15:54 PM »
I see.. said the blind man  :D
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Offline carnivorous chicken

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #18 on: November 27, 2023, 06:57:43 AM »
I forget how many trillion Biden has added to the national debt, more than any other president in history.

Perhaps not the place to get partisan and start pointing fingers, given his predecessor's record. I think everyone can agree both sides are to blame.

But its also ironic that the national debt comes up in a conversation about not paying taxes; the two are linked -- a lot of blame can go to tax cuts.

Offline Scott S

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Re: READ!!! New IRS reporting rule in effect all this year
« Reply #19 on: November 27, 2023, 07:17:45 AM »
 This has been covered and we're not delving into politics here.
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