Bad Paypal 1099

Vaporstang said:
Fox Business is reporting "IRS delays new tax-reporting rule on Venmo, PayPal payments over $600".

"Controversial reporting rule on payments over $600 will go into effect in 2024"

"The Internal Revenue Service on Friday said that it is delaying by one year a new tax reporting requirement targeting Americans who made more than $600 online through third-party payment apps like Venmo or PayPal. "

"The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan," said Doug O'Donnell, the acting IRS commissioner. "To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes."
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Ya know...... SCREW THEM!!!!

It Doesn't go into effect in 2024? LIES
...... We, All year adjusted our lifestyles because of this. It Happened. Already!!!
They just don't want us burdening Them at tax time with Their stupid BS.......

I'm So Angry!
I hate the government. I want to Swear...... I'm sorry.

We should all Crap in a bag, and mail it to them. :/
 
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luethge said:

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
www.irs.gov www.irs.gov
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Thanks luethge luethge , the very last bottom sentence in your IRS link is especially nice to see too.

“The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect”.

Curious though if it really means there just won’t be the 1099-K $600 at all (or will be exempt if already issued) (but of course there will be a 20k/200 transactions 1099-K) issued for the tax year 2022. But, starting year 2023 a 1099-K will be issued, but not till the 20k/200 threshold is met, possibly dropping the $600 automatic threshold new law.

Lots of detailed info missing for incoming year Jan 01, 2023.
 
Peter Hartwig said:
Not sure how much good that will do our members. You either prepared for it with receipts or worked around it. Few were actually going to owe.
But thanks for the info
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That's exactly what our government handlers want us to believe!

My accountant said that, best case, even if I can prove I sold personal items at a loss, just the issuance of a 1099-K is a few more points of likelihood that one will be AUDITED. Even if one comes out smelling like the proverbial garden of roses, this is still a significant hassle. And if one uses an accountant to support said audit, additional expense to pay the accountant.

"No matter how cynical you get, it's not enough."
 
topfuel6 said:
I recall the olden days of sending/receiving USPS money orders or even personal checks (!). Sad to imagine that many of us may soon return to that.
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That’s where I’m at now. You end up buying only what’s really worth the hassle of USPS. It’s liberating.
 
Crag the Brewer said:
Ya know...... SCREW THEM!!!!

It Doesn't go into effect in 2024? LIES
...... We, All year adjusted our lifestyles because of this. It Happened. Already!!!
They just don't want us burdening Them at tax time with Their stupid BS.......

I'm So Angry!
I hate the government. I want to Swear...... I'm sorry.

We should all Crap in a bag, and mail it to them. :/
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If there were more citizens with this sort of attitude there would be a lot less crap in a bag coming OUT of Washington.
 
luethge said:
We need regional Blade Forums swap meets , 3 times a year. Trade knives, drink coffee. No PayPal.
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It shouldn't be that hard to do! ( ...says me, who has never organized any events except Community Watch meetings and cookouts )

1. Ask everyone who is interested in a Knife Swap Meet to send a message indicating their interest.
2. Group the replies according to geographic location.
3. Determine which geographic areas have enough interest - I would think to be practical you would need interest from 25-30 people to make sure that at least 10 or more will show up - but I am not an event planner, so what do I know?
4. Ask for two volunteers from each geographic area with enough respondents to be the coordinator/organizers for that area. That way if one organizer has an emergency, health or work issue that interferes, the remaining organizer can find another volunteer to continue event planning and execution.
5. The two organizers look at the geographic location of their area, and determine a central or strategic city/location for the swap meet. Then they figure out which two to three dates work for themselves - remember, they HAVE to be onboard and present! - then present those two dates to all the respondents and ask them to pick the date that works best for each respondent, and whether or not they are willing to commit to attend on those dates.
6. If enough respondents are willing to commit to a certain date and location, find a venue in that city/location and determine the cost of same. Sometimes certain civic/government (parks and recreation, community center, etc), organizations (Civitan, Ruritan, Chamber of Commerce, churches, etc) or other groups may have low cost facilities available for use (daily rental or user fee).
7. If a suitable, affordable venue is available, take the cost of the venue and divide it by the number of respondents who have committed to attend, and ask them for advance payment to secure the facility.
--- EXAMPLE: 12 respondents. City Parks and Recreation Dept has a facility available that can seat 20 people and still have room for at least 3 or 4 standard 8'x4' tables for $75/day. $75/12 respondents = $6.25 per respondent. There is room for at least 5 more attendees, so 5 more slots can be sold for $8 each. If they all 5 sell, $40 has been recovered. The organizers could keep $10 each for their trouble, and the other $20 could be used to purchase bottled water and sodas (coffee?) for the event.

I am using the bare minimum numbers above. The more knifeknuts who respond, the less each one has to pony up to pay for the venue. Of course, you might need a bigger venue.... so...?

WILD CARD: If you can get an organization to provide you with a venue for free, or super cheap - JUST DO IT!

The above is just an example, but it shouldn't be THAT hard to do... if someone is a good organizer and really wanted to do it.

If someone decides to do one in my area, I'll sign up.
 
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Retired UPS Driver said:
Thanks luethge luethge , the very last bottom sentence in your IRS link is especially nice to see too.

“The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect”.

Curious though if it really means there just won’t be the 1099-K $600 at all (or will be exempt if already issued) (but of course there will be a 20k/200 transactions 1099-K) issued for the tax year 2022. But, starting year 2023 a 1099-K will be issued, but not till the 20k/200 threshold is met, possibly dropping the $600 automatic threshold new law.

Lots of detailed info missing for incoming year Jan 01, 2023.
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Paypal and other electronic payment systems will not be submitting a 1099 on your acount for goods and services for calendar year 2022 above $600 and below $20K, but you are still required to do so. They will be required to do so for calendar year 2023 and onward. Moving forward, just transact w/ friends & family designation and you should be good.
 
Unless I missed it that article doesn't mention whether the >$600 and 1099 issuance will be a thing for 2023. Curious if that's a thing or if it's 2024 like another person posted.

Impeccable timing a week before the year is out to tell everyone they can go over the $600 mark without worrying about getting taxed on it. 🤣

I had oodles of stuff I would've moved this year if it hadn't been for that.
 
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