New IRS $600 Tax Rule For 2023 (Venmo & Cash App & PayPal)
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- Опубліковано 3 жов 2023
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There's been an update to this rule for 2023 and 2024, here is the updated video: ua-cam.com/video/Cmg_EqFDIg4/v-deo.html
8:53 9:00
It amazes me that the IRS can be aggressive about $600, but can casually overlook Billionaires who evade taxes all the time. Only in America!
@@imranikikik How so?
Prime example: Hunter Biden.
Billionaires can fight back
Tax code bby, gtta learn it to evade it 😂😂
stop taxing the poor and not the rich
Paying the government to sell something I’ve already paid tax on is beyond criminal. They can go kick rocks
Rob I couldn't have said that any better
My next thought is why do we have to stand for this crap. In my eyes they did this so they can make up for all the money the corrupt dickheads around this nation. I say let's dissolve our political leaders on both sides of the isle at least cut their freaking pay so they can work theirs asses off and still have nothing like the rest of us.
Freaking punks
More then likely they will go smoke rock with their best bud Hunter.
@@deviildogg1lmao this.
I really hope this makes people reconsider the value of CASH. Otherwise we will lose it completely.
They’re scared to use it bc it’s dirty
@@tyreerockets so is that piece of fabric they strap across their face.
@@adamcornell6738 you not lying 🤣 I’m hoping the American ppl wisen up & go back to how it used to be. Can’t tax cash.
😢
they are getting rid of cash on purpose other countries are fighting against it
I can feel this man’s stress. I’m also stressed. I’m a new business owner and it feels like our government doesn’t want us to succeed but to bankrupt 😔
That's because Biden and the Dems are Marxists and in communism and fascism, the middle class does not exist
Spot on
The UN under Agenda 2030 and the WEF make it very clear in their publications and recorded member congregations that the Western world must be destroyed. Klaus Schwab publicly stated that you will eat the bugs. Cattle are being destroyed, and farms have been deemed bad for the environment. The UN says it is in the process of banning rice, claiming that it is bad for "climate change" reasons. The real reason they're doing it is to dramatically reduce the world's population very rapidly. They're pushing sexual ambiguity for the same reasons.
No, they don't want you to be successful. They will do everything in their power to make sure that we all fail. Everything that you see on the news is not the result of incompetence. It is the process of destroying Western society by their own admission.
Breeding dependence.
People who work for or depend on any check from govt to live are easily controlled.
They don’t want you to succeed. Stop voting Democrat if you do
Lowering that from $20k to $600 is proof they are not only interested in taxing the rich.
The envious "eat the rich" mentality led to this. Won't you ever learn?
tehy want to tax people lending money to friends.
why would they tax them selfs ?
@@michellejacobsen331Someone can point out that the monologues about "not targeting the middle class" are lies, and still not be in favor of the "eat the rich" rhetoric.
You mean the poor?
I strongly believe the IRS should be audited!
IRS and FED and CIA need to be all abolished
@@michaelagoddard789 and ATF
It is not the IRS that make the rules. They are just the lapdogs of Congress and they are the ones who are super corrupt.
Fed and dod.
The whole government
Let's stop paying taxes, not like it goes to where it should. Can't lock us all up 😅
It's pretty much hot potato, they can't lock us all up but they will try. Some will win. Some will lose. Some are born to sing the blues 🤣
I’m literally fighting the IRS rn. I’m a college student and the LEVY FTB (IRS) took all the money from my account all because my mom signed off on the account cause I’m a new account holder. I’m fighting for all my money back but I heavily dislike the IRS right now.
I got audited in college. I sympathize. At least my Dad helped me or I’d have been screwed.
But yeah when the people in power say tax the rich but they still continue to go after the little guy it says something.
@@ninjagirl226mhm. I’m gonna call my bank tomorrow and tell them the situation, hopefully to get my money back. The IRS ended up taking all $1.4K of my money which was for my college and personal finances.
Paying taxes on something you already paid taxes on. Abolish the IRS
Facts we need to end these criminals 4 real people barely making it
the ONLY way that will happen is if you vote republican. this stupid crap was brought to you by the democrats
under NESARA law, theyre already gone. dont pay shit. We are getting all income taxes ever paid this year. Brian has no clue about any of this
Seriously wtf is that bullshit. As far as they are concerned every one of my cash app transactions are gifts.
@@hootiemike3091yes but if we didn’t categorize it that way, we can’t say it was gift. So much for selling my used crap to make extra money. Greedy palms
The IRS needs to be audited
The IRS needs to be shut down.
The federal reserve has never been audited
If by "audited" you mean abolished then you're 100% right
Eradicated.
@@Al-Gore-ithmERM. Hello!? Based department 😮
Thanks for the info. Pro-tip: you should've started with the latter third of the video -- that this applies to goods/services-based transactions only.
This is being implemented just in time for people in desperate financial need, selling off items to help pay rent /living expenses.
Good point. This feels so wrong.
Spot on and even worse is the stuff you’ve bought in the past that you’re now selling. You already paid taxes on it smh it’s a shame what they do
Yep. It’s despicable.
It’s being put in place to pay for the 1 million + illegals and their goodies.
Don’t kid yourself
It seems unnecessarily cruel.
the IRS needs to be destroyed. I'm sick of them.
me too
IRS is not who you should be mad at. Its the person who passed this
Now I have to keep receipts for every single thing I buy, so that the IRS won't tax me for reselling my own things which I already paid taxes for.
Good luck with that , like we don`t have anything else to do . This is pushing my anxieties further up.
Why aren’t all media outlets not reporting on this? All these laws that get passed without the citizens knowledge is ridiculous. Wouldn’t it be lovely to actually unite and protest the IRS? Instead we are so distracted with other meaningless things that we don’t see the wolf in the chicken coop.
As someone who resells phones throughout the year this is very concerning. Going from 20k to $600 is unreasonable.
You are required by law to report any income that you made by flipping the phones, regardless of the amount. This reporting requirement doesn't change anything about that - all it does mean is that if you've been evading your taxes up until this point, now you can be caught.
The government has to pay for all those migrants somehow! 😢
@@mark3r442 Read IRS Pub 525
@chuckieb3798 don't forget 10% for big guy😂
Learn the law. The fact you weren’t reporting is very concerning. Leave this country if you don’t like the laws
I’d like to congratulate the IRS for encouraging the use of cash again. Good work!
Don't worry, that's Phase 2! They'll get rid of cash soon enough.
no, thank the democratic politicians who created the bill that funded more agents and the biden administration that created this new law. ems always like to spend more and therefore must tax more, and are okay with less freedom for the people - why should we worry about $600 - we already have anything over $10,000 being automatically reported by financial institutions - now that has been stripped down to $600. Next, every purchase ever made will be forced to be filed. Sounds alot like every telephone call being recorded or every social media post being stored - thats democrats at work
Cbdc's you better read up on it !!!!!
Bitcoin
@@RH-xd3nxbitcoin is very traceable
I really like the garage sale / Facebook marketplace examples and the point about how this increases costs to file. It illustrates how this will encourage more waste. It literally becomes cheaper and easier to just throw more stuff away.
Shared! So many people in hawaii need to hear this! This is going to hurt thousands of families making ends meet! 😢
The real tax cheats are the IRS double taxing goods, especially used goods. Double dipping, triple dipping on used goods is worse than tariffs.
Gotta pay for that war in Ukraine somehow!
They already do this for cars. Absolutely insane.
Its the American way take take take 🇺🇸
Yep
@@brainwashingdetergent4322it was around 4% of yearly military Budget for all the help they did)
From $20,000 to $600, are you kidding me - the IRS is a money hungry joke 😮
It’s the Democratic politicians changed this ..not irs..we have to stop electing these idiots who comes after the middle class and not the super rich..
Yep.
Yes they need more money to support the 10 million + illegals we have in this country since 2020..
Bidenomics. How else are they gonna send more of ur money to Ukraine
Congress made this change, not the IRS.
Thank you for taking the time to explain this.
IRS has just announced they will NOT implement this until the 2024 tax year, thus not applying this rule again for your current years taxes. Hopefully We can get this law repealed before it ever officially takes effect
Phew
Can you tell me where that's confirmed? Not that I don't believe you, but I just want visual confirmation for my peace of mind.
@@str8nashtygaming466
From the IRS website
FS-2023-27, Nov. 2023
Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law.
Third party payment organizations include many popular payment apps and online marketplaces.
@@qdood thanks for the clarification, I really appreciate it!!
Do we knowbif things like chimed will also be included? I use that to get bill payment from roommates.
"Tell your kids stop the Lemonade sale at $599"😂😂😂 This dude is an absolute Legend!
File Bankruptcy on the Lemonade Stand. Set up the next one under an LLC change the name
You can sell if it is in cash, so its not like they are saying pay me through pay pal, venmo, or cashapp.
We must all fight the irs. Those things have already being taxed.
I'm with you my brother!!
right! 100%
100% double taxation and in many cases it's getting taxed more than twice, this country was founded by people sick of being over taxed without benefit. The future is bright
I’m with you. But it will never happen. One thing both Democratic and Republicans support. The IRS
But it’s tax they will tax your $1 until it’s down to $.01
You are not required to keep any financial documentation beyond 7 years. The IRS cannot demand you to provide any receipts for property older than 7 years.
They can’t but they can brother that’s the sad part
@@marinomonti6493 No, it's written in the tax law. Anyone who tells you different is just bluffing, or ill informed.
@@randyrush9856 that’s the sad part everyone just submits
Yep, that is one of the first things my mother told me when I was starting on my own, anything that can be use for taxation, receipts and such, KEEP FOR 7 YEARS! After that they can't do anything to you beyond that. HAHA... I still have my tax filings all the way back to 1974!!! I have always kept receipts for things I have bought and placed it with the instructions/manual and file away. I do need to go through that file though, some things I no longer have LOL
Income tax
Sales tax
Property tax
........
....tax tax
...tax cuz we can tax
....tax on already spent tax
When can we have another "tea party"? Because this is getting ridiculous
Worse is paying taxes on used clothing that has already been taxed when it was first purchased new.
As well as second hand books
and cars
Wonder how they going to track and itemize every item you sold?
You can pull any receipt I guess
As well as old houses 😂
Double and triple tax
In the mind of the IRS, if you have two cans of chicken noodle soup, one of them belongs to the government
No you still owe one
It’s more like 25% of the soup belongs to federal government, 10% of the soup belongs to social security and disability, 5-10% belongs to your state government, another 5% of the soup is taken by the government to pay your property taxes, and then another 10% of the soup is taken for sales tax, and when you die another 10% of the soup is taken for inheritance tax, meaning if you’re lucky you walk away with 3/4 or 2/3s a can of soup after having 2 full cans.
Bot do, but you can hold on to the other for now.
Your wrong, they want both cans and then want you to go get them more.
Freedom costs a buck 05
My guess is this was meant to go after those who are paid by these platforms for doing gig or micro-task type work because the new threshold amount. If it is, then it seems more practical to write the new tax rule to specify individuals who are paid for work through these apps. There are several companies who pay for task work using PayPal and similar apps.
I told people about this, they uninstalled the app fast.
I told them you'll want to keep it installed for reference for this tax season.
I exclaimed to them if they passed this miniscule threshold they'll have to file it.
All those tiny transactions add up so fast over the course of the year, even if its just one of those $1 an item yard sales. 😢
This is the reason why I got off Ebay when PayPal started taxing my earnings. Being taxed for things I purchased ages ago which was taxed already is ludicrous.
Exactly I sold items on eBay to supplement my SSI income but Biden with the American rescue plan screwed everything.
Yeah, government can double dip on us but never us on them. Pretty bs…
Makes sense. Good reason to keep using cash.
Ever since Ebay wanted my SS number to continue selling on the platform I said bye bye.
Have you ever followed the tax bracket? Your taxed on income, that money is taxed when you buy something, and taxed when you sell it. It's a circle that never stops.
20k to 600 is insane. It absolutely infuriates me that this can be put into place at the end of the fiscal year for said year.
There are at least THREE separate bipartisan bills already introduced in the House proposing to raise the threshold (One is up to $5k, one is up to $10k and one is back to the $20k limit). They know this is asinine.
Take the time to find your Congressman and Senator and blast their emails and call them. Make it clear you want this fixed before end of this year and before they all go on vacation for the winter break.
It was passed by congress and signed into law by Biden in March 2021 to start for 2022, but got pushed to 2023
Yes thanks Biden. You sure know how to alienate the people who voted you in.
Democrats made the change in March 2021, when they passed the American Rescue Plan without any Republican votes.
It’s a shakedown…
I know I have received $600 on venmo this year. None of that is profit. It’s my friends and family paying me back for things like plane and concert tickets. The $600 limit is pathetic
In the case of reselling items, like clothing or household items…I’m just going to donate it & claim the donations.
End unnecessary taxation. We the people!!
Edit: thx
We the people what? most of these idiotic Democrats voted for this crap in the first place, half of "we the people" are f'ng idiots who love big daddy government infringement.
@@ispamalot
Clown talk. Give them all your money…
@@NighhhtsNo one said anything about giving away ALL of our money. Grow up.
Lol 'we the people" has no power.
Ukraine needs money ser
This is ridiculous
The goal is to continue to double & triple tax average people so that the rich don't have to pay taxes at all.
@@barbarawarren9443thanks biden
Is a mafia
The Ponzi scheme the US government is running is collapsing like the house of cards it is and they need more and more income!
What's ridiculous is people keep voting these same politicians into office. So it's actually part our fault.
Thank you for this clear and informative rundown ! really helps alot
Great information and you explained it clearly. Thank you.
Shifting the 1099 k threshold down to 600 dollars from 20,000 to stop 'tax cheats' is like repaving all the sidewalks with gates to stop jay walkers 💀
great analogy
Amen. It’s absolutely wrong, the people should not submit to this. Wtf
They need money for illegals, from Paul to juan
also, if you watch videos, you should know jay walking was never illegal. It was created by the auto industry to make people for guilty to walk in the road. The road used to be for everyone, but thanks to the people who fell for the jay walking propoganda, now the roads belong to oversized vehicles. smh
LITERALLY DUDE!!!!
This is theft in the highest degree
Thank you Brian
Yes it is. Scumbags.
Nah it's just the IRS getting smarter. It's always been the law, they just figured out that they can capture this information in the cash applications.
@@wendywhite2642sounds like laws don’t mean shit when they’re tyrannical
Bidenomics
@@wendywhite2642 It's insane how the point just zipped right over your head. The apathy in this comment speaks volumes towards your character. I wonder if you also think about all the loopholes the rich use or the people in the offices use to keep their fortunes intact.
Thank you for explaining this!
Thank you so much, Brian. You’re the best.👌🥰😊
Sounds like this new tax system is working SOOO well for "taxing the rich". Seems to me like it's taxing the poor, considering that the threshold is lowered to $600
You really didn’t believe the government when they told you that, did you?
Dumb dems did...
The rich have loopholes and can afford lawyers if the loopholes don't work. The middle class is where the money is so that's where the communist government will concentrate their efforts. The IRS is tyranny and getting worse with democrats being in power. FJB
This is bc of the DEMOCRATS & JOE BIDEN. VOTE THAT CORRUPT POS OUT OF OFFICE
@@proverbs2life This was implemented under Trump, not Biden. So blame your favorite orange clown.
If parents advice their kids to sell lemonade up to $599 because of the threshold, the IRS will simply accuse them of “structuring” and seize the entire $599.
Yea, better do a random number like $569.
As a CPA, I found this hilarious.
That’s corrupt
yeah cos lemonade is sold on venmo lol
@@zarni000 this is the age of Bidenomics
Thank you for your time and information, very much appreciated ❤
The same gloom and doom erupted when eBay started reporting sales way back in the dark ages.
You don't need the actual receipts - you can find advertisements showing the market value when new and they will accept that as proof of the cost. (Been there, done that, and have the t-shirt).
And of course nobody in Congress is subject to these rules.
They don't even understand the rules. I e-mail my Congressman and he thought I was talking about privacy concerns.
From $10,000 to $600 shows how desperate our corrupt politicians have become
$20,000 to $600
got to find money for Ukraine somewhere.
@@danzig-mfer sugar baby Zelensky needs to buy shiny new weapons
After inflation taxation.
@@deviildogg1 lol
Wow, I'm glad that I didn't sell anything online this year. I'm going to make for sure that if I sell anything that I receive cash. The IRS should be gutted and investigated for fraud,. The fact that we are paying for them to screw us like this makes me feel sick to my stomach.
There are bills in congress, supported by both Dems and Reps, to rescind this absurd threshold. Unfortunately, getting anything passed right now is next to impossible.
if they are trying, at least that is something. i hope they rescind it. we get the HELL taxed out of us already. i'm struggling with money and going to rent out part of my house, and they want 25% of that. like, wtf.
Abolish the IRS!
Taxation is theft
Gravel roads!
It's always great to see you MidnightToker!
Abolish the IRS
@@Idnrntigzzz😂you think your taxes go to roads?
Yep like they did when America was born
We need to petition the tyranny and wastefulness of the IRS. They don't ever help the small people, only the people who make millions and billions because they don't have the BALLS to go after people who can't afford to go to court
They are on the same team bro
You can thank your liberal (democratic) politicians for that - they are the ones that voted this, with joe biden actually responsible for it. People think republicans are the evil ones, when its actually the democrats that do things like this, because democrats are all about more spending and more taxes to offset their more spending bills
You aren’t aware you need to report the money you earn? Stop breaking the law kiddo
He just told you not to use those apps. "He" can't make money off taxes unless you pay taxes. Once they notice app activity stops the IRS will looking into it maybe? His business now will take off. Mice should not play with cats.
The IRS didn’t enact this new law. President Biden did . Get it straight
CNBC just said they will delay again until 2024 and up limit to $5,000
Thanks for making this video!
Keep in mind that the IRS didn't make this rule. Congress and their lobbyists did.
Yep stupid demorats ...
Wrong
It's is under the executive branch of government
Not legislative
Civics 101 5th grade
Come on dude
@@stevehansraj4730 American Rescue Plan Act of 2021 (passed by Congress) reduced the threshold from $20,000 to $600. It was supposed to be implemented for the 2022 tax year but was delayed to tax year 2023. Executive branch executes the laws. Legislative branch writes the laws. Again blame Congress (and the lobbyists who own them) for this.
@@stevehansraj4730 come on dude.
@@syracusedave44 It appears that stevehansraj4730 did not fully read his 5th grade civics book.
The IRS has to go after the poor working class folks so the top 2% and big corporations can get their tax cuts.
The government NEVER protects the working class and poor for that group doesn't have anything to give them in return. Which is why abolishing the government would benefit the poor the most.
@@kylewatson5133the government are the ones getting rich
yep, and they will be like "what are you going to do about it ? huh ? HUH ? "
The GOV produced nothing, absolute zero.
The GOV either took hard earned 💰 from poor to middle-class people.
In the meantime, GOV printed more money to give to the Ukraine and Uturn back to their personal business accounts.
California 10/4/23 gasoline ⛽️ at $7 /gallon.
Reminder the democrats implemented this $600 reporting rule instead of raising the minimum wage, codifying roe v wade or passing a bill to forgive your student loans.
It’s more important for the democrats to pass taxes onto poor people than it is to implement any of their campaign promises.
You said it, " Guilty until proven innocent". They have to prove that you manufactured the clothing and sold it. Challenge them and let them take you to court. Don't cave to authority. Cash only.
Great info as always and well explained! Thanks! I know someone who may be greatly affected so I will share.
I no longer have cashapp. I want real cash or money order. Something to affect the poor once again.
We need to abolish the IRS. We pay way too much in taxes already.
rich people pay 0.1%, we pay 50% , not good goverment.
I already did. Haven't filed since 2020. Why are you still filing?
💯
We should all just stop filing our taxes collectively. They can’t come after us all.
@@oMaxcnono you idiot. The exact opposite is true.
The irs needs to be "taken care of"
Great job! Good information, thank you so much
Can we all just rally together to stop paying taxes.
I agree with this comment and support not paying taxes till we get the country we want and deserve
I suppose it worked the first time.
Yes
Yes pleased
Exactly! Time to dump the tea!
Everyone needs to contact their congressman and tell them to rescind this new directive
100%. Make it clear this has to be fixed THIS YEAR.
There are at least THREE separate bipartisan bills already introduced in the House proposing to raise the threshold (One is up to $5k, one is up to $10k and one is back to the $20k limit). They know this is asinine.
Congressman are in on it.
uh. . . this was implemented by Brandon's IRS thugs, not congress.
@@chrisdodt The IRS can't implement laws. The reduction from $20k to $600 was passed by Congress as part of the "American Rescue Plan Act" passed by Congress in 2021.
In addition, there are currently THREE separate bills in the House proposing to raise the threshold.
yes crying to the people robbing you blind will solve it
From 20k to 600 is so aggressive. Something needs to be done
The people they should be trying to catch are using off shore bank accounts, not Venmo.
they want a populist revolt
Those are there friends, don’t forget that. They’re going for exactly who they want to go for.
@@mr.gamewatch8888*their
The people with that kind of money have great lawyers who will exploit every loophole to the point where the irs may lose money pursuing the money “owed” to them. It’s easier to tax the poor who don’t have the money to fight them
They make more by taxing the common man cause there is more of us than the rich.
I love how they don’t even adjust for inflation. Government is insane
Government: There's 3% less inflation this year.
Thank you for letting us know
Thanks for the info
The IRS doesn't want to spend money going after the billionaire tax avoiders. It's much easier to go after those who can't afford tax lawyers. Since C19, there hasn't been much revenue from income tax so going after innocent tax payers is their strategy. My opinion.
Preying on the less fortunate/weak.. how pathetic.
The government does not go after the billionaires because the government IS the billionaires. How many lobbyists have you sent to Washington this year?
You can thank the Republicans for opposing the agents the IRS wanted to hire who would specifically only go after those with incomes over $400K.
The gov is more than billionaires. They have exclusive access to the money counterfeiting ponzi known as the U.S. dollar.
You mean the democrats……..
Love how they cut out the parts where they look deeper into corporate tax fraud, instead, they come after us. 😅
Less work, more reward 🙄
Makes it awkward during the holidays when youre investigating your relatives.
Doesn't have anything to do with us. He's looking out for your normal person. Most aren't ok with giving 30% plus of their money to the government
Typical dem move…total hypocrisy
How do you think they are gonna get that money, not from the cheat, they gonna take it from US.
The 87,000 *additional* new IRS agent that we're hired, took an oath to use deadly force when necessary and they given arms.
No joke.
Take heed.
Great info thanks!
Thanks for the clarification!! However, this is ABSOLUTELY RIDICULOUS 😡 There is NO WAY that the threshold should have changed from 20K to just $600‼️🤬 THAT DOESN’T EVEN MAKE SENSE 😤😠
Everyone is about to be poor before November 2024. It was all set up for us all to fail. I've warned people forever but no one will ever listen until they are struggling and it's too late by then. Start figuring out stuff now cause it's only gonna get worse
Huge blow to the people using cash app and eBay for their side hustles just to make up for the money they loose from IRS taxes in the first place.
Facts
Intentional
It's all because people were abusing these apps. Funneling millions of dollars through these cash apps without giving the government their cut.
Meanwhile, Crooked Joe credits $10K in Student debt, which I pay from my taxes, when I never went to college..I went to work at 14 and have paid taxes ever since...
Best part about an IRS audit is that even if you win, you still have to pay the IRS auditor for their time.
This is when "WE THE PEOPLE" fight back and "MAKE CASH KING" again!!!
Good luck.
Yeah start revolution from your cellphone with comments. People are weak we won't do sht . We will just take it .
Glad to see all that extra money we gave to the IRS to "tax the rich more" is being put to good use...
Man you profile pic is awesome. Dr Steve Brule
Ukraine be like "mmmmmmmmm 😌"
Hope it's a lesson learned for the useful idiots.
You knew thar scumbag Biden wasn’t going to go after the rich, but after the middle class. Idiot dem voters fall for this shit everytime! 🤯
to illegal immigrants
Thank you, Biden. You are helping all the American. So you can fund your friends abroad
Thank you for your telling us.
To clear up some points (which I say in the video):
- This is for transactions in 2023 (January 1st, 2023 to December 31st, 2023)
- The amount is $600 in TOTAL for the year (if you have transactions $200 + $200 + $200, that triggers the 1099-K)
- If you have $600+ in qualifying transactions: you will be issued the 1099-K in January of 2024.
- From there, it's your responsibility to report it and take care of it properly on your personal income tax return
- The IRS has an automated system to catch you if you fail to report it and you WILL be issued an IRS letter for failure to comply.
- For example, if you have $600 in transactions through Paypal... Paypal sends the 1099-K to you AND the IRS. The IRS knows of it and expects you to report it. Failure to report it on your tax return triggers the IRS automated system to issue you an IRS letter. You want to take care of it then before it spirals into a manual investigation which can lead to an audit.
- Apple Pay is subject to these reporting requirements
- Zelle is NOT subject to these reporting requirements
- Cash/Crypto are NOT subject to these reporting requirements
Does this also include Zelle ?
Yuy
I don't use non of those payments methods 😂. Thank you for the information .
Subjecting to certain vendors is illegal as F
does this applies to Puerto Rico ?
No one wants to deal with this. It only makes life more stressful and difficult than it already is. It really infuriates me that ALL of us are too scared to not comply with any of these totalitarian rules. The more we comply, the more power they gain, thus making life unbeatable.
Too scared? Democrat voters wanted socialism, Trump warned you people but voters didn't listen. Remember if you don't vote for Biden you aren't black right? Now blacks are getting screwed funny how that always works out, getting screwed by Dems but keep voting for them.
You voted for people who represent you, these are the laws they chose to pass, if people just didn't comply with the things that they didn't like it would be pure anarchy
You are 100% right people need to stop complying. It's a shame that so many people cower to this corruption.
@@troylowry6883 so just pure anarchy?
@@skankhunt3624 that would be better than government tyranny, like for example during the hitler regime or Stalin regime because that's where we're headed.
Thanks for info. Will inform others.
Which administration hired all the extra IRS agents to go after ‘tax cheats’ ? Which administration helped push through the new tax rules? Which politicians were responsible for this?
The fact that the average Taylor Swift ticket is about $1100 tells me exactly why we are all in this mess in the first place.
so true, only STUPID people pay that much for something so STUPID!!! you cannot fix STUPID !
Taylor Swift country songs are cute but not worth $110 dollars let alone $1100. But all the power to her.
Taylor Swift is so basic, I wouldn’t even pay$100 to see her!!!
We are in this mess because people vote for Democrats. It’s like voting for your own death.
Exactly
She suck
How about having IRS employees that can actually pick up the phone? Have been in multiple situations where I’ve called during early hours, waited on hold for over an hour, and had the automated system hang up because of “high call volumes.” This “shakedown” will only make this worse.
Never call them
IRS WILL NOT CALL YOU. THAT IS A SCAM.
I had a rude irs agent …..
@@1pyroace1 what happened?
My previous reply was deleted. Google "How do I reach a real person at the IRS". The link for "amynorthardcpa" is the one with the exact steps to follow. It has ALWAYS gotten me a real person and pretty quickly.
Wow, eye opening ty for the info
This is absolutely outrageous.
They just want every lick and penny at this point. Thank you for the update sir
Just like we want every benefit...
@@bigegames2019 What benefits are you speaking about?
There are at least THREE separate bipartisan bills already introduced in the House proposing to raise the threshold (One is up to $5k, one is up to $10k and one is back to the $20k limit). They know this is asinine. Everyone needs to hound their representatives in both the House and Senate to demand this get fixed THIS YEAR.
I know this is a gross oversimplification, but we now have to worry about $600 transfers while Amazon literally pays zero in federal income tax...?
I'm curious why this country's government deserves our loyalty anymore.
Amazon keeps their receipts
Corporate America use to pay 70% of taxes in this country. It's more like 22% now. All the money they make and we pay 78% of the taxes that run this country.
They don't deserve it bro
They don't and they should have never had it. We have loyalty for our fellow man and our constitution, not for parasitic pedophiles who infringe on the rights of our people and violate the constitution.
I guess the Government ran out of kids lemonade stands to go after.
I think this is going to stop alot of people from selling goods, it may even hurt their way of life. This is very sad that our government is like this, something needs to definitely change, we as tax payers need to stand up to these crooks.
How
Instead of going after the big fish, who's making millions and billions of dollars are notorious for not paying their taxes, they're going after the little fish, people who's trying to make ends meet to feed their families.
That is so petty our country must be going broke. To change it from a reasonable $20,000 to an unreasonable $600 is crazy. I guess desperate times call for desperate measures? And thank you so much bro for all that you do you are appreciated
Our country is beyond broke.
30 trillion in debt level broke
This is so unreal!!
What if I’m just getting reimbursed if I go to the store I spend $50 my family sends me the $50 to reimburse me ?
How do you expect them to pay for the goodies the 1 million + illegals are getting?
You have to pay for all the wars military bases
Thank you!
They have to appeal this. It's beyond criminal and unconstitutional!!
Maybe that bill to abolish the irs should be pushed thru.
💯
Consider major class action lawsuits against the IRS.
This was put in the build back better bill (or one of those that passed last year) IRS has no choice.
@@heatherr8917build back broke! FJB and every moron who voted for this type of shit.
@@heatherr8917it was the one with the 3rd stimulus check
@@heatherr8917 this was part of the American rescue plan where they gave us $600 💀
Thank the Democrats for passing this, NO Republicans voted for this!