2024: IRS lowers threshold for 1099Ks for Venmo, PayPal And CashApp
derryb
Posts: 37,147 ✭✭✭✭✭
Repetition of ignorance is ignorance raised to the power two.
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This is old news and has been discussed in previous threads.
Actually, it's new old news. It's been delayed twice and they have reiterated their desire to implement it this year.
That’s fine, file it in your stack of other 1099s.
11.5$ Southern Dollars, The little “Big Easy” set
It's old news. Also, this is Federal. Most states have already imposed the $600 threshold anyway.
You of all people should know this since you are "famous" as the "everyone should pay their taxes!" guy.
You would have been the guy in Boston harbor scooping the tea OUT of the harbor yelling "the Tea tax by the British is fair and just! Taxes are good!" 🙄
https://forums.collectors.com/discussion/1093772/1099-k
https://forums.collectors.com/discussion/1085313/600-1099k-requirements-delayed-until-2024#Comment_13399479
Oh, don't get me wrong, I don't care about the threshold at all. 1099s don't bother me nor do they change your tax liability in any way. But this is a news update on this ongoing change. [And I'm sure we'll be having the same arguments as every other update on this over the last 3 years. ]
Happy VB Day!!!
That's tomorrow but I am sure you know that tax lover.
I can't know that I'll have your ear tomorrow.
I'm not a "tax lover". I'm a "fairness lover". If I pay my taxes owed, I would like everyone else to pay their taxes owed.
I pay my taxes but I always tip in cash because I couldn't care less if other people pay their taxes. If life was fair, we'd all be paying a flat percentage with zero deductions, including the poorest citizens. We should all have skin in the game.
Also slightly different. I don't know what you do for a living. But imagine two car dealerships. One pays all their taxes. The other pays none. The 2nd dealer sells their cars for 20% less than the first car dealer. Who stays in business?
If you are not paying taxes owed, you are asking other taxpayers to underwrite your business. That is not fair.
Write a letter to Uncle Joe and your congregation. Maybe you can sway them to pay the fair share as you put it.
The dealership example isn't something that would ever happen in the real world. Legitimate businesses have IRS targets on their backs and won't survive long with noticeable tax evasion. I'm far more concerned about the grifters in the system, top and bottom, that steal my tax money to either get rich themselves or buy the votes of the non-contributing members of society. I couldn't care less about the coin dealer who does a cash transaction at a coin show, or the waitress that pockets her cash tip. The system is unfair, but you're mad at the wrong people.
It shouldn't be about who can get away with it. Use a bar, if you prefer. A lot of them have had that extra, unofficial cash register.
Part-time coin dealers who are skirting their taxes hurt the businesses of those who can get away with it.
And cash workers who don't pay income tax because they can get away with it cause the rates to be higher for the people who do pay income tax.
Yes, yes life is unfair. But do you want to tell me that stealing your coins would be okay as long as they is no chance of getting caught? Tax evasion is theft.
I think we all want fairness. The questions are: What is fair? Who gets to decide?
Collector of Liberty Seated Half Dimes, including die pairs and die states
That makes zero sense. The taxes are the theft. All the speeders on the interstate that didn't get caught and pay their fine are "stealing" from me because my fine is funding the local police? Don't worry though, CBDC's will soon take away any chance of evading taxes. Then the system will be fair, and we'll all live happily ever after.
Not the same issue. They don't charge speeders more to make up for the ones that didn't get caught.