Reporting pay apps 2022 now law. Holy deposit Batman they Robin…….

[gimme_that]

https://www.dailymail.co.uk/news/art...g-600-IRS.html

Another reason why cash may be king. So much for deposits sorry babe I reached my limit for the year. Lol.

Is zelle part of this too. Or nah? Dammit.

[Blair_Fox]

The article states it’s only for “goods and services” transactions and is for businesses grossing $600 or more only

[Unique_Carpenter]

Blair,
The computer frequently doesn't know the difference. So be prepared to receive a 1099-K that has the total.
And you have to do something with that on your tax return.

In the real world I do a fair amount of business consulting and even I turn my stuff over to a pro tax guy.

Bank transfers are supposed to be excluded. But, large amounts are reported under different rules.

[LustyBustyGina38FF]

So what if you don't have a small businesses linked to the app?
The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them.

[Gadabout]

Originally Posted by LustyBustyGina38FF

So what if you don't have a small businesses linked to the app?
The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them.

I mean, maybe this is a good thing. The most powerful branch of the government is the IRS, evil as it may be. Once that monster gets a taste of the money it’s been missing out on all this time, maybe decriminalization and possibly legalization will follow.

I mean, probably not… but maybe.

[gimme_that]

So basically now there no difference between sending money via western union with the fees they have and sending money via pay apps. Is that basically what is going on?

[dilbert firestorm]

the new law affects 3rd party non-bank processors. looks like the dems moved the 600$ goal post away from the banks and stuck it to the digital dollar 3rd party non-bank processors like cashapp, venmo, paypal, western union etc...


the 600$ idea got too hot to handle when it was proposed for banks. banks are currently by law to report transactions over $5,000.

[gimme_that]

Yes. They say on YouTube channels when u research the subject you can opt to have people say it’s gifts and friends and family instead. But it’s not so easy based on frequency and amounts. I think this affect providers moreso than it can affect clients but it’s still someone in your pocket. I don’t see a decline in providers ad from request for prepay deposits from pay apps.

If everyone seeing you is paying a similar amount in prepay try explaining that frequency to the irs if they audit you. The gamble is worth it to sum folks. I just don’t see the reason.

[ICU 812]

Caah IS king. And there is a culture war to suppress its use.

I said it here a year ago.

[Gadabout]

Oh cash is definitely king.
I have never actually used any of the pay apps. Not just not for hobby. I’ve never used them for anything. And there is a good chance that I never will.

I don’t know about a culture war though. No one has ever said no to my money.

[Tiger811]

Everyone with over 600.00 dollars in transactions will get a 1099. Then it is up to you to prove it was a shared dinner or a gift. You must keep the records if the IRS does an audit. The gift that just keeps on giving. FJB.
Go Brandon

[VeronicaTurbay]

vanilla visa gift cards are excused.... may want to check into this. For deposits you can buy the gift card, sent pic with back and front and the provider can use it. Same for payments.

[Cavalier Gentleman]

The whole intent is to increase taxes and eliminating the uncounted transfer of cash. Whether it is FB yard sale, ladies providing services, or other nefarious activities such as illicit dr*g$. The feds want to make sure they get their cut. Remember, Al Capone was busted for tax evasion, not his more serious crimes.



This is all leading to digital currency, where Big Brother will know where you make and spend every dime. Yes, I am paranoid, but it does not mean the bastards still aren't out to get us!!!

[The Queen Sophie]

Originally Posted by Tiger811

Everyone with over 600.00

So is this a 600.00+ single deposit or multiple deposits combined, totalling 600.00 and everything over that initial 600.00?

Heres a hypothetical...

A provider has 3 appts on Tuesday Dec 12th, and each appt pays her 350.00 so she has a total of 1,050.00 for that days deposits.


Or she has an over night and gets paid 2,000.00 in one lump deposit.

Or Joe blow pays her 11 times in a year at 350 each time, giving her 3850.00 total from 1 "depositor", which of course by the 2nd deposit is 700.00 clearly over the 600.00.

Alright so 3 hypothetical's...lol

Does that make sense?? I swear it did in my head..🙄

[VENUSNOVA]

That's why you ask for a 150.00 deposit to make sure he will arrive at appt time & ask for the remainder in cash that way you may schedule several.