This might present a problem…….

[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.

[albundy]

Luckily $600 would never happen for me, and I use cash ONLY.
Still, it would suck to have to pay taxes on a blowjob.

[Nikki Tylor]

Thank God I never ran my business through cash apps but I know most do - such a shame . All Hail President Biden - how was this shmuck elected???? Who voted for him again ? Hmmmmmmm

[Kernelingus]

Thanks to this Pedo, Social Security Benefits are taxed!!!!!!

[gimme_that]

I’m confused by how exactly they will regulate it. It has so many variables. For example To date cash app cards don’t require proof of citizenship to purchase. I really don’t wanna have to go drugstores again to buy gift cards for legit providers I want to see to come to me. Especially flying and driving deposits.

Wiring might be cool. But I don’t see most providers and clients being comfortable enough with each other to exchange info to do it. And if it’s over 999.99 it needs to be reported.

I think the professionals will have stuff already in place to combat this. The non pros probably don’t even know this is an issue yet. I was already at my limit on January 3rd for the year lol.

[Joe Blows]

This is a non issue for person to person transactions. Go cry about open borders or some other fake boogeyman.

[Joe Blows]

Originally Posted by Kernelingus

Thanks to this Pedo, Social Security Benefits are taxed!!!!!!

Actually, you can blame Ronald Reagan for that one. Next?

[gimme_that]

Originally Posted by Joe Blows

This is a non issue for person to person transactions. Go cry about open borders or some other fake boogeyman.

Non issue? I don’t think that’s the case. The rules are clearly defined for the amounts exchanged both giving and receiving. No one cares officially until the year 2023 when you have to file your taxes because a provider (or anyone) received 20k or more (which they make easily in a short time regularly) or a client who sends deposits in the yearly amount of 600 is involved.

I already was at my limit by the 3rd.

But I’ll be sure to bump this thread in your pms next tax year. We will see.

And who’s crying? Not me. I don’t need deposits from others. I’m perfectly content paying cash in person only. But not everyone likes that option. Some fellow providers might not just want to be paid in just that one way. I don’t like the hassle of trying to buy gift cards. Some do. I don’t have a spouse when I hobby checking my finances as I only hobby when I’m not dating. So sending a deposit via pay apps or wiring was convient. That convience is gone. Especially for folks with small business if tax is attached to it now.

Since most guys pay in person and don’t do deposits they won’t be concerned. Since this is somewhat of a regular thing for me booking multihours from ladies flying here from other states it matter to me if I’m gonna be taxed on the back end for mere convince. I’m money in person only at the moment until I know for sure. And my deposit is case by case basis now or not at all with my word being my worth.

[Joe Blows]

The requirement is for businesses not individuals. From your link...

The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them.

According to FOX Business, the new rule only applies to payments received for goods and services. Many small businesses use these apps to receive payments from patrons.

Money exchanged as gifts or favors isn’t taxable, and property sold at a loss is also excluded.

You can send your “friend” or “friends” whatever you want.

[gimme_that]

Joe. Do you regularly pay ladies for service through pay apps? How much have you paid for anything using pay apps since January 1st. Does this apply to you. Do you pay for services of providers via any pay apps. I’d like to know. Because you seem to be reading selectively.

Keep in mind no matter how many clients a day a lady may say she sees…….I’m sure many get paid via instant deposits which might far exceed 200 individual payments at the end of the year at the very least. Or the 20k 1099 tax form document requirement for amounts totaling that. But again we shall see. PayPal for instance has confiscated many providers profile earnings due to lack of proof of a business or just because they can without much recourse. Cash only for me while you speculate.

[Joe Blows]

You don’t seem to understand the difference between an individual and a business. I am done here. Sorry about your taxes.

[RheaBlayze]

I think Joe is referring to the option to choose either 'Send money to friends and family' and/or 'Pay for goods and services' when sending money. However, if I'm not mistaken, that choice is only given on PayPal. So I can see where Venmo and CashApp may have a lot of work to do to determine what is and what is not business/individual transactions unless they were to make some changes to their platforms giving users the option to choose. But then again how many of us have accepted money for services but requested that the sender choose the friends and family option to avoid higher fees or fees at all? I know I have. So whoever is in charge of investigating these charges to decipher what is and what isn't business/individual transactions will be busy indeed! Maybe Biden is making an attempt to create jobs to compensate for all of the unemployment since he's been in office? IDK but I'm with Nikki ... Who voted for this schmuck? TRUMP 2024!!

[Joe Blows]

Neither party is out to help any of us, only to gain or stay in power. The sooner more people realize that the better. Here’s to hoping we elect anyone other than another 80 year old white man. They are both pathetic.

[Nikki Tylor]

We all have different opinions and obviously different taste isn’t that what makes America Great!

[tok07]

Well, yeah but this began when 45 got into office and shutdown sites at every turn....THIS is just a continuation of an assault on personal choices!