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Taxes are not being raised. The income that will now be reported was always taxable, but without a 1099, most people didn't report it, committing tax evasion. Now, they won't be able to ignore their tax liability.
And that was the only way some low income people were able to survive.
What you might receive is a 1099-K that is for reported income, if you receive income via Venmo etc. and get a 1099K you might have to explain it. No other transactions i.e. buying/selling are required to be explained unless you were running a business on ebay. This whole thing has been misrepresented and a bunch of people bought into it apparently without researching it.
These 1099K will be issued by third party payment platforms. There is no way for them to distinguish between a online business or a seller offloading collectibles they acquired over the years and somebody clearing out their garage of used merchandise.
There will be millions having to explain. Those 87,000 new agents should be used for answering calls in their call centers. They are going to need them!
These 1099K will be issued by third party payment platforms. There is no way for them to distinguish between a online business or a seller offloading collectibles they acquired over the years and somebody clearing out their garage of used merchandise.
There will be millions having to explain. Those 87,000 new agents should be used for answering calls in their call centers. They are going to need them!
The 87,000 new agents are not all being hired at once. They are being hired over a period of years.
These 1099K will be issued by third party payment platforms. There is no way for them to distinguish between a online business or a seller offloading collectibles they acquired over the years and somebody clearing out their garage of used merchandise.
There will be millions having to explain. Those 87,000 new agents should be used for answering calls in their call centers. They are going to need them!
Quote:
Originally Posted by WRM20
The 87,000 new agents are not all being hired at once. They are being hired over a period of years.
And, most of the 87,000 new agents will be hired to replace retiring baby boomers. There will not be 87,000 new positions at the IRS.
With the advent of E-bay a bazillion years ago and online commerce, they've just found a way to crackdown on something that has been going under the radar because people are in big business on these sites (that use third party vendors) to have them report their earnings because that's what they've become.<snip>
This is the same thing Reagan did when he got elected. There was a huge amount of 'sub-contractors' in the construction business when I first started doing income taxes in about 79-80. Those monies were not being tracked and the General contractors were taking huge deductions for 'sub-contractors' without any other reporting requirement(s). Hence the $600 annual limit and form 1099-MISC. Reagan hired a bunch of new IRS folks too to help facilitate this and the stepping up of collections. That late 70's 'tax revolt' supposedly almost broke the .gov according to an IRS agent I talked to way back then. There wasn't hardly a housing development out there where most everyone was getting paid 'under the table' and being called a 'sub-contractor'.
Quote:
Originally Posted by ChristineVA
My hairstylist who works out of her home (and reports her income) pushes a $100K per year salary. She collects payments from us through cash, Zelle, Paypal, or any app you want to use. She reports it all anymore, but she literally could hide some of it. Do you think working people like that should be able to hide their income? TBH, I'd do it if I could, lol, but again so many people here scream about others who don't pay any taxes, but I think that anger only really applies to the whole Welfare Queen type of person.
Amy tax professional worth his salt will advise that if you do not want to report certain income, do not EVER let it touch a banking institute of any kind. And do not over spend the stuff either. This is from the 70's as well. Many IRS audits are done going 'backwards' through what you have to where it came from. Common sense really, but who has that these days?
It sounds like you have a side gig reselling vinyl?
That's a business.
Not at ALL what was said.
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