The proposed Bank Reporting. . .How will this affect The Hobby?

[Fizley]

https://www.google.com/amp/s/www.mar...cy-11633560204

Here a market watch article published 10/6.

[H&H]

It is shit like this that keeps cash as king. These lawmakers didn't learn before and they won't learn again. Bank transactions will quadruple to avoid the reporting requirements. Then alternative "non bank" transactions will also sky rocket. In the grand scheme of things I don't see much changing for the above average intelligence on this.

[ICU 812]

This will affect every aspect of The Hobby, men and women alike, in every category. Even Sugar Daddy/Sugar Baby arrangements will show up in the IRS data base as the money flows through the economy.

Outside The Hobby, this will affect anyone in the "Gig Economy" who gets cash tips. Anytime you bank what you get, the IRS will know it.

Call your Reps and Senators.

[pmdelites]

Originally Posted by ICU 812

So they are seriously taslking about getting banks to record and report transactions over $600 to the Federal Government.

If that becomes law, how will it affect Hobbyists?
...

from the marketplace.com article linked by Fizley ...
"... “We’re talking about a small amount of information, not every transaction that’s less than $600,” she (Janet Yellen) said, according to a transcript. “We’re just asking for two additional pieces of information, aggregate inflows and aggregate outflows from the account during the year.” ..."
NOTindividual transactions!

so, even if it becomes law, i doubt it will significantly affect the clients' side of the hobby; maybe some providers if they deposit cash received and dont pay their taxes (federal, self-employed (social security), medicare).

[pmdelites]

move on ... i retracted my post.

[FireKitten]

It's not that hard to automate if you have money flowing, there should be a matching tax return, SSN/EIN added to a watch list. Form letters, the threat of audit bingo snagging you eventually. A lot of work/red tape, that seems useless to those having to record it.

This is harder for the gig workers and auction sellers, cam shows, etc. 1099 being issued once you hit $600, when it was previously $20K; all payment apps being flagged to issue a 1099 at that point, where ever you are getting paid from. Providers that may be determined to avoid that tax issue or show it at much lower numbers, may drop some of their content offerings, and go back to cash or other more unconventional methods, cornering some clients into more creative payment options only.

[Jacuzzme]

Originally Posted by pmdelites

"... “We’re talking about a small amount of information, not every transaction that’s less than $600,” she (Janet Yellen) said, according to a transcript. “We’re just asking for two additional pieces of information, aggregate inflows and aggregate outflows from the account during the year.” ..."

My aggregate inflows and outflows are none or her fucking business. She can take her proposal and shove it up her reeking geriatric cunt.

[anonsull]

Stop using banks. They're hall monitors for the govt.

[harrypatt]

https://nbcmontana.com/news/nation-w...-table-workers