IRS rule requiring banks to report all transactions over 600$

[Ghenghis Kahn]

You guys have no idea what they have in plans...

Time for your boosters. Muahahahaha

[Kermit]

Ebay is going to take a real hit on this.

Starting January 1st, 2022, when you sell $600 worth of shit on Ebay, you have to file taxes for it.

It used to be $20,000 and 200 transactions.

Joe Biden is fukking up this country worse than anyone could have imagined.

81 million* of you voted for this, just remember that.

[The Kraken]

True, but for conventional prosecution that evidence wouldn't be admissible because no warrant was issued

This is militarized the IRS with warrantless surveillance for use in leveraging the law against the individual by force of taxation compliance as they see fit

The warrant is the issue here

Interesting. Not my area of expertise for certain.

[d2bets]

Why is it a stunt? What if the mom is a shareholder? The kids? Are they not entitled to fringe benefits or a dividend in some shape or form?

You liberals just want to keep moving the goalposts by redefining what income is, what is appropriate compensation or what is a gift vs income?

You call it a stunt....Dad calls it advertising.

OK fine, if it's allowed then fine, what's the problem, nothing to worry about. Not trying to argue the tax law. My family is not involved in my business and I don't run a penny of their expenses through it. I do half of my cell phone and that's about it. No company car. No home office. Nothing. Maybe I'm missing out.

[Yulia74]

Representative Andrews is also filing a bill, ‘An Act to Protect Financial Privacy,’ to enact statutory changes that can be made to block the Biden administration’s effort to snoop in bank accounts without a warrant or court order, at least for those living in the state of Maine.


https://www.forbes.com/sites/patrickgleason/2021/09/22/bidens-proposed-irs-bank-account-snooping-authority-runs-into-state-resistance/?sh=74841d353f2d

[Brock Landers]

Who gives a shit

Nothing happens

[firedawg]

Who gives a shit

Nothing happens

says the check bouncing stuff


you should be in jail clown

[mama whoiscrying]

Libs are too stupid to notice what is happening to this country. If you are offended by that statement then you are part of the problem.

[jjgold]

Losers voted for Dems lol

[Booya711]

says the check bouncing stuff


you should be in jail clown

You actually have to have $600 so of course Broke ain’t worried….he voted for the dumb fukk Biden

[chico2663]

Ebay is going to take a real hit on this.

Starting January 1st, 2022, when you sell $600 worth of shit on Ebay, you have to file taxes for it.

It used to be $20,000 and 200 transactions.

Joe Biden is fukking up this country worse than anyone could have imagined.

81 million* of you voted for this, just remember that.

Dude it has always been 600. I know because I have been audited 3 x because of this shit. I won every time because I didn’t cheat. I also just got letter from I.r.s. For the crypto I cashed in from January. Those fukkin dems. Let the rich get away but penetrate with us degenerate gamblers.

[jjgold]

Never put crypto in bank

Put it on card and withdraw atm

[chico2663]

On second thought it maybe 600 because I had a dba acct.

[DucktheHoward]

you're all acting like a bunch of clowns

didn't u listen to the democrats? it's only to go after the rich

poor people don't have to worry because we never come close to getting our hands on 600 bucks in a year

[gauchojake]

Never put crypto in bank

Put it on card and withdraw atm

Oh ok

😂

[MinnesotaFats]

Dude it has always been 600. I know because I have been audited 3 x because of this shit. I won every time because I didn’t cheat. I also just got letter from I.r.s. For the crypto I cashed in from January. Those fukkin dems. Let the rich get away but penetrate with us degenerate gamblers.

This is not true

Ebay is a 3rd party facilitator

600 is the 1099 criteria for work or services, never a 3rd party requirement

Joe Biden is a piece of shit

A 50 year bureaucrat

0 accomplishments

0 foreign policy successes

0 domestic achievements

....yet he's a multi millionaire w a Crack addict son making $600k year on the board of Ukrainian energy companies

If you can't see thru this elitism, this oligarch mentality, the similarity of Biden and his family and how a guy like Putin and his family operate, at the expense of the middle class, then please, pretty please, don't vote....don't cast a vote in an event you are unable to understand the consequences of it.

[DucktheHoward]

let's go brandon

[MinnesotaFats]

I really do NOT BELIEVE either party wants to play games for those of us living on moderate amounts..... (I get the word "moderate" is not something all agree ), but the most honest of all citizens report all their income???? Y or N? I used to report $14 in my old savings acct yearly?
Why would I feel the need to worry reporting honest income amounts... Not a drug dealer nor an illegal bookie...

This is about using the IRS as a law enforcement agency, free of the requirement to obtain a warrant for evidence to be used in trial.

This is real simple stuff here- Democrats want to use the IRS to imprison political enemies, much like Obama used the IRS to shut down political party applications for GOP/ TEA party affiliates.

The entrepreneur is generally a conservative. He runs a business, and uses that business income deduction limits to reduce his tax liability.

The liberals will then change the definition of income, the deductions or impose a wealth tax on total assets, to levy those middle class voters, thus eliminating their voting power and financial ba King of conservative politics.

For God's sake there was a reason we fought a revolutionary war....then a Civil war...then 2 world wars and numerous anti communism wars....we did it because our view of government is LIMITED because we see that unlimited doesn't work- it's shared misery,no prosperity for anyone, and 1 party rule.

If you are still not of the mindset that this Democrat party is absolutely tyrannical and ideological in its madness, then you are a lost cause.

This is NOT Clinton's democrat party.

[lakerboy]

Whose posting the most in this thread?

H.mmm

[gauchojake]

Whose posting the most in this thread?

H.mmm

FREEDOM FIGHTERS

[lakerboy]

FREEDOM FIGHTERS

599 boy hey boy

[Snowball]

LOL. Righty-o. Got some inside info from Satoshi eh?


Well an independent coin, not an official govt currency then.

https://globalintelhub.com/exposed-real-creator-bitcoin-nsa/

^^ now you know why they took down Mt. Gox and Autumn Radtke.

[jackpot269]

Im I the only one here that voted for Kanya or just the only one the will admit it!! Millions of his votes were stolen and given to Biden and Trump its the biggest injustice in history!! The afroman has all the evidence and will start his 50 states tours "Those not your votes they mines"!! Kanya Will be in white house by Dec 1 after the Surpremes Courts rules he beat both those MF'ers !! "IT is what it is" Kanya won by millions not even close!!

[MinnesotaFats]

https://www.forbes.com/sites/thomasbrewster/2021/10/04/google-keyword-warrants-give-us-government-data-on-search-users/?sh=5de172217c97

Here's an example of evidence gathered illegally, without a warrant, that would get a search & charges tossed.

If they got this same info from the IRS it'd be legal.

[goceltics]

Welcome to China

[thechaoz]

$600 bucks? lol. I spend more than that at costco every other month.

The would burden govt employees beyond reason

[Goat Milk]

Dude it has always been 600. I know because I have been audited 3 x because of this shit. I won every time because I didn’t cheat. I also just got letter from I.r.s. For the crypto I cashed in from January. Those fukkin dems. Let the rich get away but penetrate with us degenerate gamblers.

Paypal is not allowed to report anything under $20,000 or 200 transactions per year. That seems to be changing now?

[dustyy]

This is about using the IRS as a law enforcement agency, free of the requirement to obtain a warrant for evidence to be used in trial.

This is real simple stuff here- Democrats want to use the IRS to imprison political enemies, much like Obama used the IRS to shut down political party applications for GOP/ TEA party affiliates.

The entrepreneur is generally a conservative. He runs a business, and uses that business income deduction limits to reduce his tax liability.

The liberals will then change the definition of income, the deductions or impose a wealth tax on total assets, to levy those middle class voters, thus eliminating their voting power and financial ba King of conservative politics.

For God's sake there was a reason we fought a revolutionary war....then a Civil war...then 2 world wars and numerous anti communism wars....we did it because our view of government is LIMITED because we see that unlimited doesn't work- it's shared misery,no prosperity for anyone, and 1 party rule.

If you are still not of the mindset that this Democrat party is absolutely tyrannical and ideological in its madness, then you are a lost cause.

This is NOT Clinton's democrat party.

This will never pass, don't worry about it. Too many moderates already lined up to toss it from any bill that is passed

[Kermit]

Dude it has always been 600. I know because I have been audited 3 x because of this shit. I won every time because I didn’t cheat. I also just got letter from I.r.s. For the crypto I cashed in from January. Those fukkin dems. Let the rich get away but penetrate with us degenerate gamblers.

I've been selling on Ebay for over 20 years and have never had file taxes unless I went over 200 transactions and 20k in sales in a calendar year. They only recently announced this new $600 bullshit was going into effect a few weeks ago.

Paypal is not allowed to report anything under $20,000 or 200 transactions per year. That seems to be changing now?

Yes, starting December 31st/January 1st

[Goat Milk]

599 boy hey boy

600 total for the year I believe, not one transaction

[Goat Milk]

This will never pass, don't worry about it. Too many moderates already lined up to toss it from any bill that is passed

I've been selling on Ebay for over 20 years and have never had file taxes unless I went over 200 transactions and 20k in sales in a calendar year. They only recently announced this new $600 bullshit was going into effect a few weeks ago.


Yes, starting December 31st/January 1st

Confused. Did this pass or not?

[Goat Milk]

I send my parents money on Venmo every month.

Am I going to get fukked here on that?

[dustyy]

Confused. Did this pass or not?

It may be an Ebay policy but it's not mandated by the IRS. Some want to include it in the bill that is pending in the house but it is not law and probably won't be.

[texhooper]

Looks like a) no one’s reporting on this but the New York Post which is one step up from the Enquirer and b) from what I’m seeing this is not actually about specific transactions but rather accounts which have $600 of activity per year which means almost everyone which means that though it DOES SUCK and I AGREE THAT IT SUCKS, it’ll not be this huge sweeping deal where everyone is having to answer for everything they do for more than $600 a pop (like for instance a bitcoin withdrawal of gambling winnings to your checking account). As someone said earlier in this thread, you really should just be assuming they can see everything you do and know everything anyway. For all you republicans who hate this remember Dubya already got rid of what little privacy we had left years ago, so it’s not like the new world order is being thrust upon us through this Post article.

Conservatives freak out when liberals are in office, and liberals freak out when conservatives in office. Yet we’re all still here somehow. Funny how that works

[dustyy]

Looks like a) no one’s reporting on this but the New York Post which is one step up from the Enquirer and b) from what I’m seeing this is not actually about specific transactions but rather accounts which have $600 of activity per year which means almost everyone which means that though it DOES SUCK and I AGREE THAT IT SUCKS, it’ll not be this huge sweeping deal where everyone is having to answer for everything they do for more than $600 a pop (like for instance a bitcoin withdrawal of gambling winnings to your checking account). As someone said earlier in this thread, you really should just be assuming they can see everything you do and know everything anyway. For all you republicans who hate this remember Dubya already got rid of what little privacy we had left years ago, so it’s not like the new world order is being thrust upon us through this Post article.

Conservatives freak out when liberals are in office, and liberals freak out when conservatives in office. Yet we’re all still here somehow. Funny how that works

Exactly. The bill proposes doubling the number of existing IRS agents. That means that 87,000 new IRS agents will be snooping into the business of everyone who has a bank account.

This shit will never fly but it tells you where they are headed with this bill. They claim to only want these agents to go after wealthy tax cheats. If passed, this will give the IRS unfettered access to almost every bank account with transactions of $600 or greater.

This is a nightmare if passed.