Venmo, PayPal required to report transactions above $600 to IRS

Join Our Community

Collarchat.com

Home Login Search

Venmo, PayPal required to report transactions above $600 to IRS

View related threads: (in this forum | in all forums)

Logged in as: Guest

All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> Venmo, PayPal required to report transactions above $600 to IRS

Page: [1] 2 3 next > >>

Login

Message

<< Older Topic Newer Topic >>

Venmo, PayPal required to report transactions above $60... - 12/3/2022 9:33:52 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

Remember Brandon's 87,000 new IRS agents - and the hollow promise that they would "only" be unleashed on "millionaires and billionaires" (which we all knew was a lie)

Well - bend over, because creepy old Joe's government goons are kicking the metaphorical doors in

https://www.foxbusiness.com/economy/irs-warns-americans-threshold-report-venmo-cash-app-payments

< Message edited by BoscoX -- 12/3/2022 9:37:28 AM >

_____________________________

Hunter is the smartest guy I know

RE: Venmo, PayPal required to report transactions above... - 12/4/2022 5:59:01 AM

Posts: 3918
Joined: 9/8/2010
Status: offline

The IRS already has access to financial data from a wide variety of institutions because Americans love to cheat on their taxes. The idea that new-economy middle-men like PayPal and Venmo shouldn't also be part of this is a pretty weird one.

_____________________________

Ever notice how fucking annoying most signatures are? - Yes, I do appreciate the irony.

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/4/2022 7:28:18 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

All of that misses the point. All of the average Americans who were promised that the 87,000 new "build back better" IRS agents wouldn't be unleashed on them are now finding out that their measly little $600 Venmo transaction is going to be scrutinized by the hated IRS.

Compounding the real issue, is how Democrats routinely weaponize these alphabet agencies against their political opponents

EXAMPLE - House Democrats wrestle with publicizing Donald Trump's tax returns

_____________________________

Hunter is the smartest guy I know

(in reply to Awareness)

RE: Venmo, PayPal required to report transactions above... - 12/4/2022 2:44:05 PM

Posts: 3918
Joined: 9/8/2010
Status: offline

You thought 87,000 IRS agents were to watch 270 billionaires and other assorted rich people?

Do you have any idea how much work is involved in handling the taxation of hundreds of millions of people?

Businesses use Venmo. And PayPal. And declaring extra non-wage income via Form 1099K was already required by law, so this will make ZERO difference to the average taxpayer.

Tax cheats won't like it though.

_____________________________

Ever notice how fucking annoying most signatures are? - Yes, I do appreciate the irony.

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/4/2022 3:15:28 PM

Posts: 10663
Joined: 12/10/2016
Status: offline

quote:

ORIGINAL: Awareness

You thought 87,000 IRS agents were to watch 270 billionaires and other assorted rich people?

Wow, are you okay? I wrote the exact opposite of what you think I posted :

quote:

Remember Brandon's 87,000 new IRS agents - and the hollow promise that they would "only" be unleashed on "millionaires and billionaires" (which we all knew was a lie)

It's really disturbing how so many have come to accept constant lies from Democrats (communists).

Here's what Janet Yellen propagandized about the 87,000 new agents:

quote:

Specifically, I direct that any additional resources—including any new personnel or auditors that are hired—shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels.

https://home.treasury.gov/news/press-releases/jy0918

Here's what IRS Commissioner Charles P. Rettig told Congress:

quote:

These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans. As we’ve been planning, our investment of these enforcement resources is designed around the Department of the Treasury’s directive that audit rates will not rise relative to recent years for households making under $400,000.

https://www.irs.gov/pub/irs-utl/commissioners-letter-to-the-senate.pdf

But it was all lies, as always with today's Democrats. No one expects anything different, and this is the new normal in regard to every topic there is

< Message edited by BoscoX -- 12/4/2022 3:18:28 PM >

_____________________________

Hunter is the smartest guy I know

(in reply to Awareness)

RE: Venmo, PayPal required to report transactions above... - 12/4/2022 6:34:59 PM

Posts: 2323
Joined: 12/2/2006
Status: offline

Boscox! My good friend
I hope you have been well!!!

I think you are watching wayyyyyy too much Fox News :(

You are conflating 3 very different things:

1. The addition of 87,000 IRS agents
2. The $600 Threshhold on Venmo and PayPal payments
3. The income level of the taxpayers targeted by #1, and #2

1. There is an annual tax gap of anywhere from $357B - $480B - That is B for Billion. The gap CANNOT be caused by W-2 workers for the most part because their money is already deducted from their pay checks. It is from wealthy people who find (in addition to legal loopholes) illegal ways to shelter their income (hence the gap). The 87,000 IRS agents job is to pour thrugh the financial statements of these folks to find all of the illegally sheltered taxable income.
2. One of the ways these tax cheats shelter their money is to set up shell businesses and pay thiose businesses via PayPal and Venmo. Hundreds of transactions for little $'s (maybe as little as $600).
3. So, the $600 threshhold has absolutely NOTHING to do with the income level of the targeted taxpayer. Rather it is directly linked to the length he or she will go to cheat.

SO when you posted

quote:

quote:

These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans. As we’ve been planning, our investment of these enforcement resources is designed around the Department of the Treasury’s directive that audit rates will not rise relative to recent years for households making under $400,000.

https://www.irs.gov/pub/irs-utl/commissioners-letter-to-the-senate.pdf

But it was all lies, as always with today's Democrats. No one expects anything different, and this is the new normal in regard to every topic there is

You immediately claimed it was all lies, but your premise is badly flawed I am afraid.

Good to see you my friend!

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/5/2022 6:10:27 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

Good to see you too MJ, glad to see that you survived Fauci's Wuhan release

It is absurd to claim that this new targeting of small $600.00 transactions is how Democrats are targeting millionaires and billionaires, in order to keep the Biden Crime Family afloat

Which reminds me of a poll I recently saw - what are the biggest Democrat lies of all time?

Here's my list:

1. Russian Collusion
2. COVID a to z
3. Biden won in 2020
4. George Floyd was a victim
5. Obama was a great President
6. 87,000 new IRS agents will only target millionaires and billionaires

And then there are lies of omission:

1. Immigration crisis
2. Drug addiction
3. Mental health/ suicide

_____________________________

Hunter is the smartest guy I know

(in reply to MasterJaguar01)

RE: Venmo, PayPal required to report transactions above... - 12/5/2022 6:14:52 PM

Posts: 2323
Joined: 12/2/2006
Status: offline

quote:

It is absurd to claim that this new targeting of small $600.00 transactions is how Democrats are targeting millionaires and billionaires, in order to keep the Biden Crime Family afloat

It is indeed absurd to claim that. However I did clearly explain how the IRS is using monitoring of small Venmo and Paypal transactions in an effort totry to recapture $400B+ annual revenue which is being diverted from the US Treasury by Millionaire and Billionaire tax cheats

quote:

Which reminds me of a poll I recently saw - what are the biggest Democrat lies of all time?

Here's my list:

1. Russian Collusion

Very well documented:
1. Oleg Deripaska - Manafort connection. Manafort gave him RNC voter information
2. Removal of sanctions on Russian (only to replace them AFTER the Oligrachs had protected their money)
3 Mike Flynn - giving up on Russian sanctions - appeared on RT
4. Carter Paige - useful GRU idiot, bragged about his Trump cpnnections to GRU agents
5. Let's not forget the Pro Russian Party of Regents - Manafort's Pro-russioan Ukranian client who phyically attacked US troops on manuevers in Ukraine. (Can we say treason?)
6. Discounting of US Intelligence on Russian election interference and replacing it with the word of Putin

quote:

2. COVID a to z

You are calling COVID a lie? Really?
How about this tweet from our former President? That would be a lie perhaps?

“China has been working very hard to contain the Coronavirus. The United States greatly appreciates their efforts and transparency. It will all work out well. In particular, on behalf of the American People, I want to thank President Xi!”

Or maybe this one
“Just had a long and very good conversation by phone with President Xi of China. He is strong, sharp and powerfully focused on leading the counterattack on the Coronavirus. He feels they are doing very well, even building hospitals in a matter of only days … Great discipline is taking place in China, as President Xi strongly leads what will be a very successful operation. We are working closely with China to help!

Now THOSE are some whoppers!

quote:

3. Biden won in 2020

Again well documented
Biden 306 Trump 232

quote:

4. George Floyd was a victim

Very well documented on video. Minutes after he was on the ground, completely immobile and had no ability to resist and was in NO way resisting, a police officer put a knee on his neck and he died from complications from that assault.

He was a drug addict. He was resisting arrest to be sure. He became a victim the second that he was restrined and basically choked to death AFTER he stopped reistsing for several minutes.

quote:

5. Obama was a great President

A matter of opinion. Compared to his predecessor, he was Thomas Jefferson!

quote:

6. 87,000 new IRS agents will only target millionaires and billionaires

So far it has proven to be true.

quote:

And then there are lies of omission:

1. Immigration crisis
2. Drug addiction
3. Mental health/ suicide

Not sure who is omitting these. These are real problems. The Biden border policy is horrendous.

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/12/2022 9:40:11 PM

JVoV

Posts: 3226
Joined: 3/9/2015
Status: offline

I don't think $600 is a small transaction. I mean, I know inflation is high, but nobody spends that much at MickeyD's. This really doesn't effect me. But I'm surprised the government has waited this long to do it. How much money has been sent through these companies?

(in reply to MasterJaguar01)

RE: Venmo, PayPal required to report transactions above... - 12/17/2022 7:22:27 AM

Posts: 2323
Joined: 12/2/2006
Status: offline

quote:

ORIGINAL: JVoV

I don't think $600 is a small transaction. I mean, I know inflation is high, but nobody spends that much at MickeyD's. This really doesn't effect me. But I'm surprised the government has waited this long to do it. How much money has been sent through these companies?

I do not have reliable data on the exact amount that has been sent through Venmo or PayPal.
Just the huge gap in $$$ owed Vs collected.

W-2 employees do not have the opportunity for schems and loopholes like this. Their money is deducted and withheld from their paychecks. It is people who get income from other sources that are avoiding paying taxes.

(in reply to JVoV)

RE: Venmo, PayPal required to report transactions above... - 12/18/2022 7:57:14 PM

JVoV

Posts: 3226
Joined: 3/9/2015
Status: offline

Ok, I had to look up Venmo, as I have no personal experience with it. But Venmo was purchased by PayPal in 2013 anyway, so we can just say PayPal here.

Anyone trying to skirt the law or tax code will pretty much always find a way. And that happens in every tax bracket. I don't have anything to worry about, as I don't break the law. But I don't see a big impact on the middle-class with this.

(in reply to MasterJaguar01)

RE: Venmo, PayPal required to report transactions above... - 12/19/2022 6:59:47 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

FR -

The point was never, will this "harm the middle class". The point is, we were directly promised by the ruling class elites that their cherished 87,000 new IRS agents would "only" attack hated millionaires and billionaires

Their class warfare lies and propaganda rhetoric aside, they lied.

As always.

Pretending that $600.00 Venmo transfers is how extremely wealthy people skirt the law is absurd to the extreme. They skirt the law by pocketing our treasury dollars as politicians and power brokers

_____________________________

Hunter is the smartest guy I know

(in reply to JVoV)

RE: Venmo, PayPal required to report transactions above... - 12/19/2022 1:31:21 PM

JVoV

Posts: 3226
Joined: 3/9/2015
Status: offline

Both sides have power brokers and politicians. But what I'm not seeing is an actual complaint that this new policy HAS caught anyone in the middleclass. Only that it could. Possibly. Maybe. Kinda.

Wake me up if it actually DOES.

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/24/2022 7:11:17 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

[sarcasm]

Warren Buffet, George Soros and Jeff Bezos can sleep easier tonight - the IRS arm of the Democrat Party just dictated that the $600 reporting requirement that was set to crush billionaires like them will be delayed for at least a year. [/sarcasm]

quote:

IRS delays tax reporting change for 1099-K on Venmo, Paypal business payments

Key Points:

The IRS announced it won’t require platforms such as Paypal and Venmo to issue a tax when a user’s business transfers exceed $600.
The pre-2022 threshold of 200-plus transactions worth an aggregate above $20,000 remains in place for now.

The IRS has delayed, for a year, when payment services such as Paypal and Venmo and e-commerce companies such as eBay, Etsy and Poshmark
will have to issue tax forms to individuals whose business transactions through those platforms exceed $600.

The agency on Friday said that such third-party platforms won’t have to use that threshold for when they report 2022 tax-year transactions on a Form 1099-K, which goes to both the IRS and taxpayer. Instead, they can rely on pre-2022 threshold of more than 200 transactions worth an aggregate above $20,000.

The American Rescue Plan Act of 2021 dropped the threshold to just $600. And even a single transaction can trigger a form.

More: https://www.cnbc.com/2022/12/23/irs-delays-tax-reporting-change-for-1099-k-on-venmo-paypal-payments.html

< Message edited by BoscoX -- 12/24/2022 7:13:49 AM >

_____________________________

Hunter is the smartest guy I know

(in reply to JVoV)

RE: Venmo, PayPal required to report transactions above... - 12/24/2022 2:53:54 PM

JVoV

Posts: 3226
Joined: 3/9/2015
Status: offline

And I would have gotten away with it too, if it weren't for you meddling kids!

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/24/2022 3:33:20 PM

Posts: 10663
Joined: 12/10/2016
Status: offline

quote:

ORIGINAL: JVoV

And I would have gotten away with it too, if it weren't for you meddling kids!

You're way more Looney Tunes than you are Scooby Doo, bra.

That useful idiots expect their elitist masters in Washington and elsewhere to lie to them has become yawn material

Fully conditioned to be their punching bag, and liking it

https://www.youtube.com/watch?v=dUmRjjAaywc

_____________________________

Hunter is the smartest guy I know

(in reply to JVoV)

RE: Venmo, PayPal required to report transactions above... - 12/25/2022 1:04:29 AM

JVoV

Posts: 3226
Joined: 3/9/2015
Status: offline

I'm not gonna watch a video link. Like ever. From anybody on a forum. If it's important enough, you'll type the relevant part. There might be a ghost jumping out at 37 seconds in, or I might get Rickrolled. Just no.

And can you at least quote the part of an article you post that I should read? I know you're gonna attack me for some other nonsense anyway, but it would save me some tapping. Or clicking, depending on which device I'm using. Although, my new laptop has a touchpad, so maybe it's just all tapping now?

I get to decide what actually matters to me. I get to choose how much energy to spend on any given topic or person. I may or may not divulge my reasons. I may or may not even have reasons. You can choose to like it or not. And then I get to choose whether or not to care about that too.

I expect you to lie. I expect you to twist the truth. I expect your partisan talking points to be spewed out and repeated with each post. I expect your personal attacks and dismiss them as I would anything a raving lunatic on the street would have to say.

When I first saw this thread, I thought to myself "oh, the findoms on here won't like that". But you're skipping so many steps in your howler logic that I can't keep up. And you fail to connect what you're howling with anything that matters to me.

And yeah, I expect the government to lie. I grew up during the Reagan years, so what else can I do?

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/25/2022 2:26:24 AM

Posts: 2323
Joined: 12/2/2006
Status: offline

quote:

ORIGINAL: BoscoX

FR -

The point was never, will this "harm the middle class". The point is, we were directly promised by the ruling class elites that their cherished 87,000 new IRS agents would "only" attack hated millionaires and billionaires

Their class warfare lies and propaganda rhetoric aside, they lied.

As always.

Pretending that $600.00 Venmo transfers is how extremely wealthy people skirt the law is absurd to the extreme. They skirt the law by pocketing our treasury dollars as politicians and power brokers

This is nothing but opinion here. Zero facts.

Obviously, $500.00 Venmo transactions are being used for this purpose. If not, why on earth would the IRS monitor them? You fail to mention, there is NO added tax on Venmo transactions. I challenge you to find any middle class taxpayer that is making thousands of $600.00 Benmo transactions to a shell company, or relative.

(in reply to BoscoX)

RE: Venmo, PayPal required to report transactions above... - 12/25/2022 7:15:32 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

quote:

ORIGINAL: JVoV

I'm not gonna watch a video link. Like ever.

Not a problem - no one ever expects you to be enlightened

_____________________________

Hunter is the smartest guy I know

(in reply to JVoV)

RE: Venmo, PayPal required to report transactions above... - 12/25/2022 7:29:51 AM

Posts: 10663
Joined: 12/10/2016
Status: offline

quote:

ORIGINAL: MasterJaguar01

This is nothing but opinion here. Zero facts.

Obviously, $500.00 Venmo transactions are being used for this purpose. If not, why on earth would the IRS monitor them? You fail to mention, there is NO added tax on Venmo transactions. I challenge you to find any middle class taxpayer that is making thousands of $600.00 Benmo transactions to a shell company, or relative.

I don't understand what you are disputing. The new Democrat requirement that aggregate Venmo transactions over $600.00 have to be reported now, and that the previous limit was $10,000.00?

I don't think you or jvov understands that this is designed to hit gig economy folks the hardest. Say you're doing side hustles for a few extra bucks, what's the best way to get paid

Either that or you two are lying, you know that your masters lie to your face about everything and you will say literally anything to kiss their uber wealthy elitist asses

_____________________________

Hunter is the smartest guy I know

(in reply to MasterJaguar01)

Page: [1] 2 3 next > >>

All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> Venmo, PayPal required to report transactions above $600 to IRS

Page: [1] 2 3 next > >>

Jump to:

New Messages	No New Messages
Hot Topic w/ New Messages	Hot Topic w/o New Messages
Locked w/ New Messages	Locked w/o New Messages

Post New Thread

Reply to Message

Post New Poll

Submit Vote

Delete My Own Post

Delete My Own Thread

Rate Posts

Collarchat.com © 2024

Terms of Service

0.070