Paypal, Venmo, other payment apps must report transactions> $600 to IRS as of 1/1/22

[festeringZit]

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March.


Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said.

https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260

 

[festeringZit]

Fuck you Joe Biden.

 

[Dr.Love]

Fuck you Joe Biden.

Yes. Let's go Brandon.

 

[HotshotGambler]

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March.


Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said.

https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260

God forbid we all get away with laundering money, fucking Biden.

I miss Donald!!!

 

[KennyB]

These scumbags will do anything to steal money from citizens to give to minorities. Its bad enough I get a W2G everytime I hit a videopoker hand at $1200 or more. Cocksuckers.

 

[PatsFan1283]

ridiculous but the libs love it

where is smalldaddy? he can't get enough big government

 

[HotshotGambler]

These scumbags will do anything to steal money from citizens to give to minorities. Its bad enough I get a W2G everytime I hit a videopoker hand at $1200 or more. Cocksuckers.

that same $$$$$ is going to the minorities, I see on a Tuesday at 10:00 AM drinking beer smoking black and mild's putting together 8 team NBA Parlays at the book.

 

[Willie99]

Increase the cost of compliance, increase the cost of doing business, a liberals dream

Going after people with gross receipts > $ 600 but < 20k

You know, THOSE HIGH INCOME TAXPAYERS

 

[HotshotGambler]

Increase the cost of compliance, increase the cost of doing business, a liberals dream

Going after people with gross receipts > $ 600 but < 20k

You know, THOSE HIGH INCOME TAXPAYERS

Can Tyrone still sale his crack cocaine and receive Venmo payment under Movies with Good Friends lol.

 

[Willie99]

He might have to explain himself

Although most illegal activities don't tend to involve electronic disbursements

 

[HotshotGambler]

He might have to explain himself

Although most illegal activities don't tend to involve electronic disbursements

how bout the contests money we receive at this forum, will we need to report that?

 

[HotshotGambler]

I just hate all these random ass laws, say I win money in a contest in Vegas they wanna tax me on it or do they even report it. It's never been super clear.

 

[Knightrofins]

^ I heard last week that you will get a 1099 or W2G if u win a contest with better than 300:1 odds

 

[Knightrofins]

^ I heard last week that you will get a 1099 or W2G if u win a contest with better than 300:1

 

[Knightrofins]

These scumbags will do anything to steal money from citizens to give to minorities. Its bad enough I get a W2G everytime I hit a videopoker hand at $1200 or more. Cocksuckers.

They have been giving those out for ages.
It does F up your AGI though

 

[HotshotGambler]

^ I heard last week that you will get a 1099 or W2G if u win a contest with better than 300:1

Nice

 

[Willie99]

how bout the contests money we receive at this forum, will we need to report that?

By the letter of the law, yes

 

[metro]

These scumbags will do anything to steal money from citizens to give to minorities. Its bad enough I get a W2G everytime I hit a videopoker hand at $1200 or more. Cocksuckers.

^ I heard last week that you will get a 1099 or W2G if u win a contest with better than 300:1 odds

this is your guys handy work

 

[Biggins]

Dang l just withdrew $2200 via bitcoin via cash app. Will use voyager next time. Now my buddy who lives in Vegas doesn’t play video poker any more. According to him when the GOP passed their tax reform for the rich he can no longer claim his loses to offset his winnings. He states it would screw up his social security as he’s not 66 and can only earn X amount of money a year.

 

[HotshotGambler]

Dang l just withdrew $2200 via bitcoin via cash app. Will use voyager next time. Now my buddy who lives in Vegas doesn’t play video poker any more. According to him when the GOP passed their tax reform for the rich he can no longer claim his loses to offset his winnings. He states it would screw up his social security as he’s not 66 and can only earn X amount of money a year.

But the ghetto ass people can sit in front of the machines all day with unemployment $$$$$

AMAZING