Loaded-Gun.Com - Anti-Social.Com's Rejects!

General Category => Politics, Philosophy, News and/or Current Affairs => Topic started by: Thrash on January 05, 2022, 02:47:42 PM

Title: Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year
Post by: Thrash on January 05, 2022, 02:47:42 PM

Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year.

Quote

The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

Info Here (https://www.foxbusiness.com/money/venmo-paypal-cash-app-report-payments-irs)

Title: Re: Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year
Post by: Emperor Reagan on January 06, 2022, 10:44:45 AM

Electronic transactions were always going to make it easier for bureaucrats to track what you do and tax it. And they'll happily chase the small fry for $20 rather than lift a finger against a billionaire.

Title: Re: Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year
Post by: Thrash on January 07, 2022, 11:55:30 PM

I know ...
They will spend $50/hr to have an auditor collect $40 from someone, but not hit up a richie who owes millions ....

Title: Re: Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year
Post by: Thrash on February 08, 2023, 05:36:09 PM

They decided not to do this for the 2023 tax season ....