Those of You That Use 3rd Party Payment, Read This.

Hoji

Bowling-Pin Commando
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28   0   0
May 28, 2008
13,709
113
Mustang Ridge

Short version
No longer will over $20,000 and 200 transactions get you a 1099k.

It's now total transactions over $600 combined and any transaction number.
 

WarBaby

Member
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Jan 22, 2010
143
43
DFW, TX
Yep, and the stiff-in-chief is trying to give the IRS access to your bank account for transacations (withdrawals or deposits) of $600 or more as well. That is damn near everybody.

 

TheDan

deplorable malconent scofflaw
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Nov 11, 2008
20,734
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Austin - Rockdale
Just watched this this morning. He does a good job outlining the issue, how it should be in violation of existing law, past abuses, and how this fits into the plan of increased control with future digital currency.

off topic: I really like his presentation style. I want one of those screens.

 

oldag

TGT Addict
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Feb 19, 2015
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Will the IRS be able to do anything with that data, or will they drown in the mass of data?
 

Sam Colt

Well-Known
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Feb 22, 2012
1,201
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Austin
It's not every bank account over $600, it's every transaction over $600. And it's worse than that, because the transaction can have multiple parts.

Say you pay someone $50 a week to mow your lawn. If you use a payment app, the money you send them would be tracked, and once the total paid to that individual reached $600 there would be a notification.
 

Darqhelmet

You had one job, one.
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Jul 5, 2018
545
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Kaufman County
Look how else are they going to tax you on the money that they taxed you on before taxing you so they can tax the transaction to tax you for not paying taxes on services that they had nothing to do with but want to have a license so they can have a fee (tax) to issue the license to a holder and you can go get a permit (tax) for something to be done. That about cover it? (Written stupid on purpose)
 

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