New IRS $600 Tax Rule: Venmo & Cash App & PayPal | Major Update For 2023 & 2024
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- Опубліковано 24 лип 2024
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They can send billions overseas but how dare us send $600 bucks on Venmo.
The reason they need to tax your $600 is because people with 600 billion dollars don’t pay taxes.
Right??!!!
That’s precisely why. They want you to pay your taxes so that they can send them overseas.
It's disgusting!!
Don't pay.
They can’t even properly audit the pentagon but they expected folks sending $600 bucks to be properly audited every year.
Yeah "accidentally" of course
It’s not in the IRS’ mandate to audit the pentagon. What are you on?
There gonna be implementing A.I. to help audit and monitor peaples income and looking for patterns or lack of patterns. A.I. is a game changer and can monitor everyone thoroughly all at the same time.
They have to squeeze every dollar they can. They have wars to support, you know!
@@briananderson6758 thats good, it means they can target their audits to the tax cheats
99% of the time it's not income, it's co-workers or family reimbursing you for lunch or picking up groceries.
Or rent from your roomate!
Exactly/ They trying to tax regular hard working ppl . Mostly its regular repayments from family and friends for various things
Exactly!! I send my son money on this all the time vi cash app, to pay for groceries when he goes out rather than take my card, to buy our dinner, the list goes on and on. They better not come at me for anything I give my son or family
@@carmellejean-paul4334 don't you mean, you've never sent money on any digital platforms? 😉😉😉
@@carmellejean-paul4334how dare you give your son money. You shall be taxed for this!
Blows my mind that I’m paying taxes on things I already paid taxes for 🤯
It’s criminal.
I guess we have to start charging sales tax.
First, we pay taxes on our income that we use to buy the baby furniture. Then we pay sales tax when we buy the baby furniture. Then we pay more taxes when we resell the baby furniture. That's some expensive baby furniture.
@Guitarnivore That's the shitty thing, the things sold on Ebay, mercari, etc do get charged sales tax already. So they tax you buying it initially, with money taxed through income tax. Then tax the person buying it and you reselling it... it's a joke.
Yeah my roommate would pay there part of rent to me using venmo. guess we not doing that anymore
Lobbying should be illegal. This time it worked in our favor, but the concept of paying politicians to change policy seems criminal and all parties should be in jail.
Lobbying is nothing more than legalized bribing....and distorts the "one-man-one-vote" weight the rest of us have to influence policy.
In the land of woulda coulda shoulda
“Worked in your favor”? You mean you get to cheat another year…..lively integrity you have there.
@Junkinsally our country was created because of unreasonable taxation. If you don't think this is an unreasonable tax law your name must be snowball.
Again, you can thank Citizens United for that.
*_Doesn’t pay taxes on $600 dollars._*
IRS : You shall be judged.
*_Doesn't pay taxes on 600 million dollars._*
IRS : How would you like your pie Sir?
Well summarized, that's politics for you.
Blueberry with whip cream sir!!!😂🤣😂🤣😂🤣
@@lovelyrich54yuck
If you owe the bank $100 that's your problem, if you owe the bank $100 million, that's the bank's problem
Yeah, just ask Hunter.
Push your representatives to ban that stupid IRS law. We need $30K tax rule. Not $600.
This is why we need to keep cash relevant
They’ll seize that from you when you travel. Either way you’re fucked.
@@johnnywang206 Why do you think luxury watches exist?
My dealer has quite the rolex collection... at his moms place.
The only way to keep cash relevant is for everyone to stop purchasing with their cards. Carry cash for all your purchases. The gas station, grocery store, even your morning at starbucks.
@@e-curb I totally agree.
This is why we need to get rid of the IRS!
Lesson learned- only accept cash for side hustles, yard sales, etc. Thanks for the reminder IRS!
They'll come for cash eventually by switching to cbdc
Louisiana outlawed yard sales. Politicians want their cut.
They are outlawing that next! No joke!
Why do you think they are doing this.... digital currency on the way.
@robertheadley3483 yup, everything bar coded and QR scanned so daddy government gets their piece of every pie.
So we get paid for working and get taxed on that. Then we go buy clothes for work and get taxed on that. Then we sell those clothes when they are too big/small (through venmo)and then get taxed on that clothes AGAIN..?? And then taxed again when doing taxes. This is ridiculous!! The country is in debt and now they wanna rob us to pay THEIR debt smfh
Tax tax tax tax tax been that way .. income tax, sales tax, personal property tax, capital gains tax that's not including gas tax, meal tax lord help us!
@@SippenSomeTea don't forget the fat tax.... we know you never went to the gym that you're paying monthly for.
I trust this guy, if he ran for president I would definitely vote for him. Thanks for bringing us the filthy day in day out.
Same but politics will flip any good person.
He needs to be on the staff forsure.
Me too.
Why we the people keep allowing this is beyond me. They sure did condition us into submission pretty well.
Fluoride mostly
Because they're too stupid to do this kind of research. They're getting slapped in the face, and all they can say is, "Thank you, can I have another?"
People are too worried about dumb identity politics to unite and fight things like this. Arguing about “woke this, feminism that, BLM”, meanwhile the guys at the top win.
you can when gas and groceries are like 50% of your pay check
Probably due to ppl having lower attention spans, plus we all have our own problem, and politicians play the longevity game, where as in everyday ppl are just searching for the next news when we don’t even let things marinate.
The IRS goes after the little guy because the big guys bought them out (i.e. lobbied) by the billionaires.
They go after the middle man as well
Biden, robbing the poor
100%
@@frankiecarrrierivg03 Anyone above the top 7%, either corporate or individual.
They do *NOTHING* about assets being hidden 'overseas.'
No, it's because the billionaires all have the really smart tax lawyers working for them, using all the loopholes.
The IRS needs to go after politicians getting rich...over night...from suitcases...
They need to go after joe Bidumb and his crooked coke head SOB.
From CHINA!
The IRS investigating themselves? Let’s be realistic here. Not even the SEC is going to stop their insider trading.
and lobbying ..
Nancy Peloski
I like this channel, no fancy edits, scripts, or belaboring points just cold hard facts and information! Appreciate the work you do.
The whole tangle of taxing people for shuffling some money around to cover concert tickets and lunch/dinners between friends is ridiculous to be honest.
Definitely is a waste of resources for the IRS to go after folks for $600 and over from PayPal, Venmo, Ca$h App, etc. They should keep the threshold of $20,000.00 .
It certainly costs more to go after taxes on $600. They would cost the government money trying to enforce it.
thank the democraturds for that.
It isn't a waste of resources though. It is actually an excellent use of resources if you leave the fact it royally screws people out of the equation. The notices will be sent out via automated programs. It will cost next to nothing for the demands to go out. Most people will pay just out of fear or inability to fight. The IRS essentially gets free money.
Nope they're gonna crack down on drug dealers and Illegal aliens send in money back to their country.... I'm glad they're going after them, they need to pay more taxes... they shouldn't even be here!!!!
@@joebidenisyourpresidentget2481Yet they could pretend to be doing something while continuing to protect the super rich from audit.
Let's do this. Anytime the politicians want to increase taxes, we do an audit of each politician in their political dealings and their taxes and then publish them publicly as the very first step. After public review, we go back to the voting booths to vote on it. NOT the politicians. The people.
Voting costs money...a lot of money...Those folks at the polls are all paid, none are volunteers.
Don't worry they'll rig the elections
All that means now is people will just send Apple Pay or another app 😅
We’d need all new Politicians haha
good luck trying to investigate them
due to inflation they should really increase it to $25K
Yes. How the fuck we suffering inflation but yet they lower the threshold. So fucking stupid and it’s a clear ponzu scheme!
No shit it should be increased!
10k deposits are already flagged.
Thats 10k and standard. @@Bigfoothawk
Honestly taxation is theft in general.
This “law” and tax code is to keep poor people poor.
And the voters keep voting for it.
With extra 600 dollars of income I would use it towards inflation and even then I'd still be screwed lol
Right 😂🤣😂🤣😂🤣😂
Defund the IRS
Yes!
Why
So that billionaire tax cheats could get away with fraud?
So they can just print money and send them overseas.
@@bouncingBrainPretty sure the IRS doesn't go after the rich.
How about the IRS just send us our tax bill? They obviously know our tax bill otherwise they wouldn’t know to harass us for tax evasion etc.
Or do they?
I truly appreciate the transparency you're providing. I can certainly see why folks don't like the IRS.
The government didn’t audit a penny sent to Ukraine, but by God you better tell them about $600 🙄
Do y’all only mention ukraine? Jesus Christ, the money they’ve sent and spent in Iraq and afghanistan makes ukraine look minuscule.
@@Devinn504that was the CIA and look how that turned out
@@Devinn504we mention Israel as well. Problem, schekelburg?
Actually, it has been audited and completely accounted for. Get your news from real sources, not facebook.
@@Aliothale hey look, its that one guy who loves the government and believes his local politician actually represents him in congress
I’m still mad that this is on the table to begin with. Who decided on $600 bucks?
Democrats. We need more money to pay for illegal immigrants and whatnot.
I remember when Nancy Pelosi was asked about the $600 rule, she was adamant this would absolutely be enforced.
You should be taxed on any income you're making shouldn't you? Sending $1000 to your room-mate every month for bills isn't a taxable event. Only business transactions
Authoritarians
$600 threshold is the amount you pay taxes on for profit
Small correction: The original reporting threshold wasn't JUST $20K, it was $20K AND 200 transactions. So, one could've been paid $50k, but only had 199 transactions, without triggering the threshold.
That’s crazy. Did they get rid of the 200 transactions?
@@Kidinthesandbox_PriceAxionPapi i wouldn't be surprised if they added it but lowered it, $600 or 3 transactions lmfao
@@evileyez504 🤣🤣that would be jokes
@@Kidinthesandbox_PriceAxionPapi When the new law goes into effect next year, yes.
@@DonnieFreymoyer No, it wasn't.
Every time I hear about the governments actions I get more annoyed at people for voting how they do. The. Government. Is. The. Problem. IRS gets more money... Do they hire better, more experienced auditors, to go after corporations? No... They hire idiots, and set them loose on normal Americans. When will people learn?
They need to assign those auditors to retrieve all that stolen PPP money 🤨
California alone lost 20 billion dollars in the covid funds
Hey, mind your business 😂
@@HTownstylist253😂
The money was getting spent either way and not getting paid back.
Good luck telling anyone to bite the hands that feed them.
Moving the threshold from $20k to $600 for 1099k. How is that going after the rich?
That is a good question for the politicians Darwinjina.
Here’s how it might be better to raise taxes on self employment or independent contractor
1099 nec should raise to $1,200> $600
1099 k raise it to $30,000> $20,000
1099 misc should raise to $25,000
It may not get better but at least you won’t get as much taxes to pay for
@@frankiecarrrierivg03Here’s a better idea: stop sending money overseas.
It isn't!
They just misspoke. They said "they are going to be rich".
I love that the vast majority of small businesses in my area (especially farmstands/stores) prioritize cash and disincentivize digital transactions.
real mvp's
one reason they do that is to eliminate the fees charged by the card processors.
As always, thanks Brian for these updates and your trusted opinions and outlook.
In the spirit of the season, thank you for making content like this. Unlike some... other finance UA-camrs your stuff's real great. You're no nonsense and succinct. I don't know why I was sleeping on your stuff.
So basically, the IRS wants Venmo and Cashapp to go out of business. I'll no longer use those services and stick to cash as of 2024.
Most likely, they did recently roll out their version called FedNow
Not if they decide to make everything paperless too.. trust, there’s no avoiding these greedy fucks.
They were highly used since Covid
Pretty soon places will not be taking cash. They are trying to control every dollar you make bc of being totally broke
There's always crypto. :)
I love watching you become more unhinged with every new video. You need to be protected! Been watching you since Covid and you are the most reliable news I have on the internet. Thank you Brian!
We love him.
Hope you continue making these update related videos! Please - Keep up making the great content!
Thank you Brian you are a real benefit to us all!!! Thanks again!
It sucks because me and my husband use cashapp to transfer money back and forth to each other. We send our excess money to our cashapp cards and leave the bill money in our bank accounts. So we would be taxed on money that we were already taxed on originally. Grrr.
That's not how it works
Thank you for this info! Love your channel!
thank you, greatly appreciate the updates on this...
I bet there would be a lot less tax dodgers if the American taxpayer received more tangible local returns and our government would quit sending so much overseas…
Preach it!!
the gov doesn't send tax money abroad
@@grimaffiliations3671 they send money that doesn't exist, and they then authorize the minting of more to make ends meet
Why would you have to dodge them? I stopped filing years ago and no one has even mentioned it to me
@@grimaffiliations3671um..wut? Yes they absolutely do. Lol are you living in another time line???
$600s of extra income nowadays isn't even enough for groceries in the majority of United State's cities.
The low income voted for biden, let them suffer the consequences of not voting for trump
Thank you for continuing to post updates on this and other topics!!!!!!!!!
Thank God! Brian I didn’t know this until I saw your video thank you for being so informative
Yo. Saw this one coming. Thanks for your explanation and opinions on this one
Happy Monday qdood and thank you for getting here 1st! I hope you had a nice weekend!
Democrats have SCREWED America.
the rule is crazy. not to mention proving cost basis, but it also didn't even take into account sales fees/shipping on small eBay sales deducted from gross
I appreciated your candor very much!!
Your the Best Brian and I we are so Blessed to have you on the Tube!!! I "ALWAYS" enjoy your info and Opinion & Humor....THANKS Again!
Just don’t enforce it at all!
Remember folks, taxation is theft!
What can we do about it
Happy Monday Midnight Toker!
@@nail928cash only
exactly this $600 rule is just absolutely unnecessary.
@@nail928just don’t report on cash app transactions. If we all say no, how they can audit all of us?
Thx u so much for always never failing to inform us… I love your work… ❤
Thank you so much for the update. You are the best.
Already tax online transactions (eBay, amazon, etc.) and now they going after money you get on VenMo, PayPal, etc. 🤦🏻♀️
You know there's a difference between state sales tax and federal income tax, right?
Cash is King, use while we still have it!
WEF in Europe wants to make any cash payments of $1000 or more illegal. Only CBDC will be allowed since they can track it
Gov: If you send more than $600 on venmo you're getting taxed.
Also gov: sends billions over seas.
Everyone: Excuse me, wtf?
*Sends billions completely untracked and unaudited overseas
You wouldn’t even be audited if you sent $100,000 in venmo. The people RECEIVING the money would be audited.
It's interesting how topics outside the US gain protests, but something as insane as this gets little to no resistance? Does the US not care about its own issues first lol
Trillions
Good man keeping us up to date and an even better American. Thank you.
I have been saying EXACTLY this since they gave the IRS the money. New people have to show immediate results, not 9 years later.
They're after people making money off flea markets, ebay, etsy, handymen, car flippers, petsitters, etc.
They've been cracking down on daycare and housekeepers and this is the next logical step.
Both IRS and law-enforcement are mostly designed to go after middle class and lower class people. It’s easier to bust and hit their quotas, i.e. justify their existence, and the rich respond in kind when they get fucked with by either agency.
Is anyone tired of the feds and irs having to much power and taking everyone money and not investing it?
Love your honesty Brian. Thank you.
If politicians were held to the same fiduciary laws as businesses and investment firms, they’d all be in prison.
Thank you for your hard work, Brian!
It was my understanding that we are already obligated to pay taxes on any amount over or under $600. It's just not recorded or enforced under that threshold
Shame on anyone who even decides to work for the IRS.
And their parents who failed to instill morality and decency into them.
The IRS didn’t create the rule. Congress did.
They are natural born thieves like their parents
@@mgshock “something about nazis just following orders”
Keep the updates coming! Appreciate it.
The question is, how many times can you tax an item that was taxed already when
it was bought new.
Happy Monday Brian and thank u keep us updated
Happy Monday! I hope you have a wonderful week!
Democrats have SCREWED America.
Happy Monday Brian! Have a splendid day! 💗☀️
Hi Rose Bloom! Thank you, and I wish you a splendid day as well!
Most people I know use the apps to pay their share of the costs and the person receiving the money usually isn’t profiting but breaking even at best.
Exactly
Always great content Brian!
600 was wrong amount from the beginning.
Yes, I completely agree, it's ridiculous.
Thank God for that. That had me worried since you first announced it.
The really stupid thing is that many of us paid more than $0 for items we're selling but didn't keep receipts.
The fact that we have to pay taxes on selling concert tickets for profit is sickening!
I don't have any pity on scalpers having to pay income taxes.
All that did was get small, independent good and services contractors to demand cash, which in a of itself isn’t a bad thing, since I worry about the push to go “cashless.” They need to scrap this horrible idea entirely.
We will never go cashless totally
$600 or as I call it, two tanks of gas and 1-2 carts of groceries in California
Just two carts of groceries (2-3 wks, maybe eke out 4), and No Gas here in WA state.
Awesome summary of the situation!! Thanks so much!
Thank you for explaining this. It's been so confusing with the back and forth.
Hi Brian. That is good news. Thank you
Thank you for all the support and it's always great to see you PapaKryptoss!
The Mafia: extortion (illegal)
The IRS: audit (legal)
Thanks Brian for the update!
thank you for your knowledge. Keep us inform.
Thanks for the update on the delay. Keep up the great work you do- I love your sarcasm about the IRS not following the law! 😂
the government loves finding ways for me to hate the government even more than i already do
So so true
Honestly, I think everyone in America should just stop paying taxes.
Exactly why my Grandfather gave all his assets away to his children, and stopped filing any tax documents when he turned 65. He said F the IRS. They won't be stealing any more of my money...
Thanks Brian your the Best.
Thank you for all the support Kenneth, I wish you a very nice week!
One of the few that give us the straight facts.
THANK YOU FOR KEEPING US INFORMED BROTHER
Thank you again for the updates.
Congress made this law, not IRS.
I agree with them delaying it another year, I disagree with them making up their own threshold rule.
Politicians: Go after those that evade Taxes and the peasants who use Venmo...
Politicians: Just don't go after us rich folks north of Richmond who are evading Taxes!
Thanks for the update! Thanks😊
$600 is way too small. Maybe $5000 threshold would be reasonable.
The rule should never be allowed
We need classes on how not to pay taxes no more
Easy way don’t work 😅
It’s called an accounting degree
Just stop filing altogether lol. They aren't even paying much attention
@@frankiecarrrierivg03 Read the book “meet your strawman” May explain to you some things about taxes
@@xraceboyexSo for most people, that would mean that they get to keep all of your money that your employer sent in from your paycheck. Not smart.
Thank You!
When audited, the IRS only asks for receipts that are $75 and higher
The IRS confusion continues; thanks again for the updates...
Thanks for keeping us informed. I really don't understand why we don't just get together and just say no. I know It's harder to do then to say especially when people are afraid to lose their livelihood. I know that I'm no organizer.
I agree wish there was something we can do
@Anon00113 There is something you could do. Quit voting for Dems that caused this.
Tanks for the information!😊
Who was actually foolish enough to believe they hired 18k employees to go after rich people?