IF YOURE PANICKING they will only be issuing 1099-K forms for BUSINESS transactions. For Cashapp, if your account is enrolled as Personal, you are fine and none of the transactions on your account are taxable. They will not be reported. Only Business Accounts will have transactions reported.
This is why places have been going cashless. They can't track your cash. They tax you when you make it They tax you when you buy it. Now they want a third helping when you sell your goods they you own that you've paid taxes already.
This is only for goods&services. So if you just send money and friends&family (where there is no service fee involved) you are all gucci. The sneaker reselling world panicked for a couple weeks until someone read up on the terms thoroughly LOLOLOL
my friend paid for my boba tea and when i sent the money through "friends & family", it still added on a tax. my friends and myself think that it must be a new thing because i don't remember getting taxed for that option before.
What’s even crazier it it proves that the IRS is above the law. They are legally required to enforce it but have chosen to not to and will face no consequences
Was the trigger word Cuban or something? I know Steve's wife Nikki had one of her YT channels temp. shutdown at one point. The algorithm tripped, claiming she was a firearms channel all because she did "bullet" journals and made recipes that she said were "the bomb". Damn computer programs.
Structuring (breaking up transactions into smaller amounts) is illegal…a local politician was recently convicted of tax evasion and structuring at the same time…Anthony should be careful about what he jokes about admitting ;)
Being tax for working a job feels like a punishment. We should tax private property and companies/institutions that pollute air,water, land that way you’d only be tax if your rich enough to afford things like a house, business, or car
@@pew4808 no but drug dealers started to use CashApp, Venmo and other money transfer services. If you transfer enough money to someone in a year they start suspecting you. Unless…you know something I don’t
@@matthewfrancis7679 That’s what I’m saying. For Cashapp for example, there are two types of accounts. Personal and Business. The only transactions that get reported to the IRS are via Business accounts. Same with all the other apps, the only payments being flagged are those being sent for Goods & Services. Most people using the apps for things like drug dealing are using Personal accounts. Regardless of the amount of money moving through them, Cashapp is trusting that they are only payments made for things like dinner, or gifts, or things like that, and does not report those transactions to the IRS.
@@pew4808 I hope you’re right cause I’ve seen with specifically Venmo at I think $600 in under a year is reported. Is what you’re saying that only applies if the money is being sent to a business account ?
@@matthewfrancis7679 Yes, Venmo is owned by Paypal and essentially works the same. You can send to “Friends and Family” or you can send for “Goods and Services”. If the goods & services charges surpass $600 in one year then they’ll be reported to be taxed
Quit repeating the same comment under each video. As stated under another of your same comments, they already did. Go search their videos on their YT page to find it for yourself.
@@pablingotenciano9606 He isn't someone to admire and look up to. There I talked about him. If you want to hear JK's assessment, go find their video on their page.
every time Steve mentioned his sister, I wonder what she looks like? 😅
Steve at the end 🤣🤣
IF YOURE PANICKING
they will only be issuing 1099-K forms for BUSINESS transactions. For Cashapp, if your account is enrolled as Personal, you are fine and none of the transactions on your account are taxable. They will not be reported. Only Business Accounts will have transactions reported.
thank you for this! wish they got all these little details on the video, but thats JKNews i guess xD
Ya but they can hold your personal $ more if it's over 600$ so don't send or get anyone to send you your rent$ on there
@@jhsrt985 i’ve been getting payments of 500-2,500 on cashapp for years now w no problem
@@pew4808 I've been paying my rent only 500$ and I got shut down for 2 weeks no notice and no help I could get
@@jhsrt985 it must have been a completely unrelated issue with your account
This is why places have been going cashless. They can't track your cash. They tax you when you make it They tax you when you buy it. Now they want a third helping when you sell your goods they you own that you've paid taxes already.
That's still just sales tax
@@JACpotatos yeah it’s absolute bullshit lol.
@@JACpotatos It’s called more government control over your money.
keep crying about it. your gonna do nothing LOL pay up
@@kelkunAK you're a victim just the same. Why be antagonistic to him when we should all be antagonistic towards the government?
Steve at the end 😂😂😂😂😂
You can tell this video was at the end of shooting 😂😂😂😅
Good one😂
This is only for goods&services. So if you just send money and friends&family (where there is no service fee involved) you are all gucci. The sneaker reselling world panicked for a couple weeks until someone read up on the terms thoroughly LOLOLOL
my friend paid for my boba tea and when i sent the money through "friends & family", it still added on a tax. my friends and myself think that it must be a new thing because i don't remember getting taxed for that option before.
The irs stated that they will be delaying this so it will not be an issue this year for filing
What’s even crazier it it proves that the IRS is above the law. They are legally required to enforce it but have chosen to not to and will face no consequences
Oh goodie
Yes, by one year. It will still happen.
@@taoist32 as I said this year will not be an issue
My cousin got his venmo frozen for paying me for Cuban sandwiches.
lol for real?
Was the trigger word Cuban or something? I know Steve's wife Nikki had one of her YT channels temp. shutdown at one point. The algorithm tripped, claiming she was a firearms channel all because she did "bullet" journals and made recipes that she said were "the bomb". Damn computer programs.
@@bethnichols2875 LOOLL i didnt know that, i gotta watch nikki's reaction to that haha
@@kayla9891 The UA-cam Gods gave me my channel back, and THANK YOU! 🙏🏼 @ about 10:32 in the vid is where Nikki talks about it.
@@kayla9891 UA-cam demonetized my ENTIRE channel for THIS?? Nikki's original vlog explaining it
$600 is such an arbitrary amount
In Southern California the money is the land, California land is 3x the price of Nevada
Love y’all💜
Nice show.
Structuring (breaking up transactions into smaller amounts) is illegal…a local politician was recently convicted of tax evasion and structuring at the same time…Anthony should be careful about what he jokes about admitting ;)
That's caarrrazy. I've never paid more then 100 on venmo, thank goodness.
In Texas, I feel like the Toll Road is a scam, but the road is always clean though.
I don't even spend or pay anything over like 20 bucks on cashapp.
It's ok... if u have nothing to hide, there's no reason to worry about it, right? Lol
If you're doing business on venmo obviously you're hiding from the IRS
This is absurd. Can’t even sell used items that we already paid sales tax on at the store. Government is greedy af trying to audit everyone.
My Condolences.
I stopped selling on ebay because of this.
Being tax for working a job feels like a punishment. We should tax private property and companies/institutions that pollute air,water, land that way you’d only be tax if your rich enough to afford things like a house, business, or car
I think the main reason is because of drugs and being able to pay people without being taxed.
Drug dealers aren’t accepting payments on Business accounts lol, and those are the only transactions that get reported.
@@pew4808 no but drug dealers started to use CashApp, Venmo and other money transfer services. If you transfer enough money to someone in a year they start suspecting you. Unless…you know something I don’t
@@matthewfrancis7679 That’s what I’m saying. For Cashapp for example, there are two types of accounts. Personal and Business. The only transactions that get reported to the IRS are via Business accounts. Same with all the other apps, the only payments being flagged are those being sent for Goods & Services. Most people using the apps for things like drug dealing are using Personal accounts. Regardless of the amount of money moving through them, Cashapp is trusting that they are only payments made for things like dinner, or gifts, or things like that, and does not report those transactions to the IRS.
@@pew4808 I hope you’re right cause I’ve seen with specifically Venmo at I think $600 in under a year is reported. Is what you’re saying that only applies if the money is being sent to a business account ?
@@matthewfrancis7679 Yes, Venmo is owned by Paypal and essentially works the same. You can send to “Friends and Family” or you can send for “Goods and Services”. If the goods & services charges surpass $600 in one year then they’ll be reported to be taxed
Jen married the wrong man.
Put hemroid cream. As the invoice
:D
This is being reversed already
All of y’all looks so, laid out…
Y’all must’ve had a rough Day?
Nicely, asked
Talk about Andrew Tate
Quit repeating the same comment under each video. As stated under another of your same comments, they already did. Go search their videos on their YT page to find it for yourself.
@@bethnichols2875 who are you to tell me haha, Talk about Andrew Tate
@@pablingotenciano9606 He isn't someone to admire and look up to. There I talked about him. If you want to hear JK's assessment, go find their video on their page.
@@bethnichols2875 again who are you, I have my own opinion so you just shut up
@@pablingotenciano9606 I will not shut up. You are rude and disrespectful. That is my opinion. No wonder you like him so much.
Been waiting for another video since shapel came back lmao
Carful boys Kerch
7:05 Kayne: Go on, don’t be scared, say it 👨🏿🦱