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They are hiring 87,000 new IRS agents. Audits will be stepped up across the board.
That 87k new agents is over the next 10 years, and many of them are to replace retiring agents. The rest just bring staff levels up to what they were a some time in the past.
There is no way the IRS is going to question tens of millions of personal item sales.
They paid income taxes on the money they made from their regular job.
They paid taxes again when they used their post tax income to buy something and paid sales tax.
Now the Biden Administration wants them to pay taxes again on the same exact item they already paid taxes on when they sell it, because most people don't have the sales receipt for an item they bought 10 years ago. No one would have guessed the government would need that receipt for a figurine.
if you are getting the cash from the bank, doesnt the bank have to report withdrawals over x amt? So the buyer is also being tracked by the IRS.
It’s been a long time since I was a teller, but yes, large withdrawals AND deposits are to be reported. It’s not to the IRS, I don’t think, I can’t remember where it goes. Maybe the Fed with the deposit each night, and then they do something with it? It’s been a long time and it may have changed since then. But yeah, it’s all being tracked for sure.
Yes, they dont say the amount, but I think it is ~$9,500.
Problem is, most web sales are smaller dollar transaction, and the sellers draw out smaller amounts than $9,500, so fly below the IRS radar. That is why the feds want to lower the transaction amounts to $600.
The Feds are out to tax the gig economy, some of which are currently evading taxes...both payroll & income.
The $600 thing has always been there to trigger issuance of 1099. They are just choosing to apply it to third party platforms like PayPal now, nevermind that people use those for many other reasons than income.
I can see why they do it. There are a small number of extremely bad apples that get really good at gaming the system, and the way government operates when 1-2% of the population start to do something they don't like, a new law is created. Think about how many car crashes it takes for them to change an intersection's signaling versus how many vehicles pass through a given day.... well under 1% get in accidents but we all suffer with that new left turn red light so we can't freely make a left turn anymore. More and more I see people running those.
I don't believe used items should be taxed over and over, but the government thinks any time cash changes hands they should get a cut.
They paid income taxes on the money they made from their regular job.
They paid taxes again when they used their post tax income to buy something and paid sales tax.
Now the Biden Administration wants them to pay taxes again on the same exact item they already paid taxes on when they sell it, because most people don't have the sales receipt for an item they bought 10 years ago. No one would have guessed the government would need that receipt for a figurine.
And now you're going to pay them again or go to jail and there isn't a damned thing you're going to do about it.
if you are getting the cash from the bank, doesnt the bank have to report withdrawals over x amt? So the buyer is also being tracked by the IRS.
$10k
That's an older law specifically targeting money laundering, drug dealing, etc. Applies to deposits and/or withdrawals totaling $10k in a day, and the bank has the discretion to file the form if they suspect you're trying to skirt just under the limit, too.
Elections have consequences, and everyone who voted for Biden or blue congressional members should enjoy this new tax.
It went from $20K to $600.. Because the left claims it’s targeting…. the wealthy.
Yes, like the wealthy is wasting time on $600 transactions through PayPal, and IRS agent is needed to hunt doen every $600 transaction.
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More and more I see people running those.
