UK Daily Mail
Plans to force millions of Americans to report Venmo, PayPal, and other third-party payment app transactions over $600 have been delayed by the Internal Revenue Service after it admitted ‘confusion’ around the controversial policy.
The Biden Administration’s American Rescue Plan requires the companies to send a 1099-K form to customers who received ‘gross payments for goods or services that exceed $600’.
The earnings were already taxable, so the law is aimed at codifying how they are reported to crack down on fraud. But on Friday, the IRS delayed the implementation of the rule by one year. Additional
So, I buy a new fridge for 1200 bucks, pay taxes on it, months later sell it for 650 bucks in order to pay my electric bill, big government wants me to report that money as income?
Oh, plus the buyer of said fridge pays taxes on his purchase as well.
1.7 trillion spending bill don’t pay for it self…SUCKERS!
We had a chance to vote them ALL out but fraud and ignorance have permeated America to the point it’s fucking over.
And the answer is . . . Cash. For everything you can.
None of their damn business.
Is this because Rand Paul Venmoed $600.01 to Ukraine in order to have the country’s books audited?
We can’t have that now can we?