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

[Sam7sf]

This is why people avoid taxes and rightfully so. A gift tax on income that already paid taxes. People need to wake up.

 

[TheDan]

Well that is fucked up, lol.

I get taxed for helping my kids pay their bills....

Yeah, a lot of people are surprised when they find out they are supposed to pay tax for paying for their kid's wedding or gifting the down-payment for their first house.

Average folks don't run into the gift tax issue too often, but if you're paying a significant amount of your kids bills it can quickly add up to over $15k.

 

[candcallen]

We already get nasty grams from the bank if we move around money too much in the 7 accounts we have.

 

[TheDan]

This is why people avoid taxes and rightfully so.

yep... Fck the IRS, the feds, and everyone that enables them. #agorism

* This has been an artistic statement, and does not imply any illegal activity.

 

[Darkpriest667]

How the American Rescue Plan Affects Form 1099-K | Business Accountant

The American Rescue Plan is changing is the Form 1099-K reporting threshold for third-party settlement organizations. Read our latest blog to learn more!

mksh.com

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.

Yes and I'm still only accepting DOGEcoin as payment. Keep mocking me folks. It's coming the Fed and the US Federal government wnat to know EVERY payment you make and they're pushing for a paperless cash society. So you better move to crypto.

 

[WarBaby]

Yes and I'm still only accepting DOGEcoin as payment. Keep mocking me folks. It's coming the Fed and the US Federal government wnat to know EVERY payment you make and they're pushing for a paperless cash society. So you better move to crypto.

Crypto is fine for now. In a worst-case SHTF scenario, internet gets locked down, ie. PRC, North Korea, or we suffer an EMP event - you will not be able to access or transfer your assets. I have always been an advocate for tangible assets, but do not keep all your eggs in one basket, diversify.

 

[oldag]

Automation can easily flag patterns for human review.

That's another issue with this... They'll be spending tons of money building out more surveillance infrastructure.

Even so.

 

[oldag]

Yes and I'm still only accepting DOGEcoin as payment. Keep mocking me folks. It's coming the Fed and the US Federal government wnat to know EVERY payment you make and they're pushing for a paperless cash society. So you better move to crypto.

I do not mock you. But I will not take that risk, as I judge it to be high.

 

[Sam7sf]

Of course digital currency is coming. Has been for years. Guys like me resist. Digital currency, aka the ultimate spyware, is the icing on the cake for the nwo.

 

[Sam Colt]

Seems like this has seeds earlier in the year:

It's going to become harder to avoid telling the IRS about income from selling stuff online. Here's what to know

The recently enacted American Rescue Plan Act significantly lowers the threshold for when online sellers will receive a tax form.

www.cnbc.com

 

[TheDan]

I'm still only accepting DOGEcoin as payment.

Cryptos are already being tracked. For 2021 there will be a section on tax returns specifically for crypto and the advice is not to lie. Being completely dark with it is possible, but severely limits what you can use it for.

There is an upside in that they don't really know why you might have received crypto, and only have to pay capital gains tax on it. At least capital gains is less than paying the combined self employment tax + income tax.

 

[Darkpriest667]

Crypto is fine for now. In a worst-case SHTF scenario, internet gets locked down, ie. PRC, North Korea, or we suffer an EMP event - you will not be able to access or transfer your assets. I have always been an advocate for tangible assets, but do not keep all your eggs in one basket, diversify.

in the EMP SHTF scenario I stocked up on the only currencies that matter, water and ammunition :-)

 

[Darkpriest667]

Cryptos are already being tracked. In 2021 there will be a section on tax returns specifically for crypto and the advice is not to lie. Being completely dark with it is possible, but severely limits what you can use it for.

There is an upside in that they don't really know why you might have received crypto, and only have to pay capital gains tax on it. At least capital gains is less than paying the combined self employment tax + income tax.

If you only pay and accept payments to your own wallets how is the government going to track it to you? They have no idea who the wallet is associated with.

 

[TheDan]

If you only pay and accept payments to your own wallets how is the government going to track it to you? They have no idea who the wallet is associated with.

There's things you can't pay with crypto. Property taxes come to mind. US based exchanges have to report the same info as any other bank, so they'll at least know the hot wallet on the exchange and the personal wallet you use to transfer to the exchange. They can probably trace back to all your other wallets, too.

Supposedly they are only tracking people moving around ~$400k or more you'll probably be fine to only report the wallets you use to interact with the exchange.

 

[IXLR8]

Biden’s $600 Financial Reporting Requirement Could Lead to Even More Violations of Taxpayer Rights - Americans for Tax Reform

The IRS Criminal Investigation Division (IRS-CI) regularly violated taxpayers’ rights and skirted or ignored due process requirements when investigating taxpayers for allegedly violating the $10,000 currency transaction reporting requirements, according to a 2017 report by the Treasury Inspector...

www.atr.org

I have already seen a Lizzie Fletcher TV commercial asking for your help to stop it. She is a democrat, I do not believe her.

I looked for a duplicate thread, sorry if it is already covered.

 

[Vaquero]

Redundant threads merged

 

[TxStetson]

Redundant threads merged

Sorry, making you work again

 

[Vaquero]

Sorry, making you work again

Hard work is it's own reward.

 

[Whistler]

What's next, granny's egg money?

 

[Rhino]

If you only pay and accept payments to your own wallets how is the government going to track it to you? They have no idea who the wallet is associated with.

If you don't think they know how to track you...

Start finding some of this guy's info...

https://www.youtube.com/channel/UCYVU6rModlGxvJbszCclGGw