The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

[Lesh]

Calm the fuck down.

Gifts are not taxable

This does not mean that you have to report every Venmo transaction. It means that BANKS have to give aggregate accounting which could trigger audits.

So if your BUSINESS regularly gifts $1,000 to your kid...THAT could trigger an audit. If YOU do it...most likely not

If you have an Etsy business that deposits large sums into your bank account on a repeating basis and you don't report that income...it could trigger an audit.

Bottom line...you know what is income and what isn't. Pay your taxes

 

[struth]

And they make the same excuses when I complain about what his new 7.8 trillion in debt will end up costing.

as you are aware until the dems get on board with entitlement reform, debit will continue to rise under every president

even obama admitted medicare and medicaid are the largest drivers of debt

increasing taxes on the working class does nothing to help that, it only slows economic growth

 

[Lesh]

as you are aware until the dems get on board with entitlement reform, debit will continue to rise under every president

even obama admitted medicare and medicaid are the largest drivers of debt

increasing taxes on the working class does nothing to help that, it only slows economic growth

"entitlement reform"...code for fucking with Social Security and Medicare

 

[pknopp]

as you are aware until the dems get on board with entitlement reform, debit will continue to rise under every president

even obama admitted medicare and medicaid are the largest drivers of debt

increasing taxes on the working class does nothing to help that, it only slows economic growth

Republicans arent actually interested in any kind of reform. They lie about that just the same as Biden did about making the rich pay their fair share.

 

[struth]

"entitlement reform"...code for fucking with Social Security and Medicare

no, it's not code at all...those are entitlements, they are the largest drivers of debt and need reform, they are also not substainable under the current system....all dems ever want to do is raise the age to be able to get them, and kick the can down the road...screwing over people paying into them

 

[struth]

Republicans arent actually interested in any kind of reform. They lie about that just the same as Biden did about making the rich pay their fair share.

There have been numerous attempts since at least the Bush Admin for reform to SS, and make it more like the Swedish model...only to have it blocked. They have also objected to the Dems expanding Medicare/Medicaid...causing more of a problem.

 

[struth]

Calm the fuck down.

Gifts are not taxable

This does not mean that you have to report every Venmo transaction. It means that BANKS have to give aggregate accounting which could trigger audits.

So if your BUSINESS regularly gifts $1,000 to your kid...THAT could trigger an audit. If YOU do it...most likely not

If you have an Etsy business that deposits large sums into your bank account on a repeating basis and you don't report that income...it could trigger an audit.

Bottom line...you know what is income and what isn't. Pay your taxes

Well, the issue is....they won't be able to tell without auditing the kid.....but the bigger issue here, is this is a new tax on small businesses.....just more of Xiden and the Demafascit war on the working class and poor.

 

[j-mac]

From the link:

If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600.

This rule is aimed at individuals who run a side hustle, small business or do part-time work. So if you’re just sending money to friends for a restaurant bill or a vacation, or collecting a one-time payment for selling something online, this won’t apply to you.

Until it does…And how are they to determine between the pmts?

 

[Soupnazi630]

A gift under $10,000 is not taxable
Someone paying your expenses can be considered income.

Running a shadow business using Venmo, PayPal or Bitcoin is tax dodging

If you ever actually worked, you would know this

Dodging taxes is a moral and righteous act and no one has to make up for it.

 

[Soupnazi630]

As a matter of fact, panhandling income can be taxable depending on what you make

Why do Republicans always support tax cheats?

I think by now, you realize I think you are an uneducated, spiteful woman who has never had to support herself

Because the tax system is the real cheat.

It is an authoritarian and immoral form of oppression and hald the population is cheating the system which is a good thing.

 

[marvin martian]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

This is why Biden hired 87,000 new IRS agents. To go after house cleaners, dog walkers, elder caregivers, and babysitters.

Tax the rich, right lefties?

 

[Mac-7]

You don’t have to report gifts under $10,000

However if you are running a business and think you can avoid taxes by using shadow currencies, it is now more difficult

You sell something on ebay for $700 and IRS goons show up at your door to shake you down

What a racket

 

[struth]

Our President wants small businesses ness to pay taxes just like the rest of us do

They do, and have...he just wants to raise the rates on them....and no YOU don't pay this new tax. Glad you admitted the truth though...Xiden is at war with the working class

 

[Lesh]

You sell something on ebay for $700 and IRS goons show up at your door to shake you down

What a racket

Gross exaggeration as explained above

 

[Soupnazi630]

Gross exaggeration as explained above

Your explanation is a total failure as it does not address the OP

 

[Lisa558]

You sell something on ebay for $700 and IRS goons show up at your door to shake you down

What a racket

….or, I spend $600 buying my elderly mother groceries and household items over the course of the year, and when she transfers money from her account to mine to reimburse me, it gets reported to the IRS and I have no way of proving it‘s reimbursements. I have to pay tax on it.

At the same time, entitled lazies who won’t even take a job because of all the welfare they and they family get don‘t pay a dime - but take Instead.

The war is on people who worked all their lives while Dems expand the welfare state to those who have never had a job.

 

[Lesh]

There have been numerous attempts since at least the Bush Admin for reform to SS, and make it more like the Swedish model...only to have it blocked. They have also objected to the Dems expanding Medicare/Medicaid...causing more of a problem.

Fine...explain your "reform" Note , it can't decrease benefits

 

[marvin martian]

You sell something on ebay for $700 and IRS goons show up at your door to shake you down

What a racket

This is what lefties like Lesh call "taxing the rich".

 

[Lesh]

Your explanation is a total failure as it does not address the OP

Wrong

Will Banks Have To Report All Transactions Over $600 to IRS Under Biden Plan?

The American Families Plan has a reporting requirement for banks that has infuriated some.

www.snopes.com

 

[struth]

Fine...explain your "reform" Note , it can't decrease benefits

Sweden partially privatized its Social Security — here’s how it has worked out

Some groups feel they have been left behind by the last wave of reforms

www.marketwatch.com

So far, the country has proved its system works — the Swedish pension has survived during periods of market volatility, including the Great Recession, Boulhol said. “The system proved to be resilient,” he said.