IRS to Force Forms on Transactions Over $600
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IRS to Force Forms on Transactions Over $600
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The IRS should be be a valuable and unbiased service for the American people, not a weapon of the government. Let’s pray for reform.
From Daily Mail. Republicans are crying foul after the IRS reminded Americans they will have to report their $600 transactions on Venmo and PayPal to the IRS.
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In a provision that the Biden administration claimed was to crack down on wealthy tax cheats, the American Rescue Plan required taxpayers add to their 1099-K ‘gross payments for goods or services that exceed $600.’
The IRS posted an explainer Tuesday reminding taxpayers the reporting threshold for 1099-K forms would be lowered from $20,000 to $600. The number of transactions that trigger receiving a form will also be lowered from 200 to 1.
The change applies to payments on third-party processors, such as Venmo or PayPal, and is for transactions such as part-time work, side jobs or selling goods.
‘If you sold a couch, re-sold tickets at the price you paid, or just did some extra work on the side, you could trigger greater scrutiny from the Internal Revenue Service (IRS),’ Republicans on the House Ways and Means Committee wrote in a statement.
Failure to report such payments could trigger an audit since the IRS obtains a copy of the 1099-K form directly from third-party payment processors. …
Tax experts say the new requirement will trigger a flood of new 1099-K forms going out to Americans are aren’t familiar with them and IRS agents will be overwhelmed with the new paperwork they have to look over, increasing processing delays.
Professionals have estimated the number of 1099-Ks alone that could be doled out is as high as 20 million. As of May 2022, the IRS had a backlog of 21.3 unprocessed paper tax returns. …
Already, lawmakers have introduced bipartisan legislation to reverse the change.
Democratic Reps. Chris Pappas, D-N.H., Cindy Axne, Iowa, Linda Sánchez, Calif., and Steven Horsford, Nevada, are leading House legislation to raise the 1099-K reporting threshold to $5,000, called the Cut Red Tape for Online Sales Act.
Sens. Maggie Hassan, N.H., and Kyrsten Sinema, Ariz., are leading parallel legislation in the Senate.
Carol Miller, R-W.Va., in the House and Rick Scott, R-Fla., in the Senate are leading a proposal to revert the reporting threshold back to what it was – $20,000 and 200 transactions – called the Saving Gig Economy Taxpayers Act.
Rep. Michelle Steel, R-Calif., and Sen. Bill Hagerty, La., are leading the Stop the Nosy Obsession with Online Payments (SNOOP) Act, a similar bill that would revert reporting requirements back to what they were.
Another group of Republicans last week wrote a letter urging the IRS to delay the rule’s implementation by a year.
It’s now unlikely that either chamber of Congress will push through a bill to reverse the change before tax forms start going out in January. …
While Biden may have pledged not to raise taxes on those making under $400,000 and his administration has repeatedly insisted the requirement does not amount to a new tax, critics say the administration is ostensibly breaking that promise by increasing the burden on small online sellers and everyday Americans. …
How are you covering the IRS and Americans in prayer? Share your prayers and scriptures below.
(Excerpt from Daily Mail. Photo Credit: Getty Images)
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Individuals and business owners really should familiarize themselves with 1099 forms, especially 1099-Ks. You never know when the IRS will switch things up and make a form relevant to you. A good businessperson is always prepared with software to make the process as efficient and pain-free as possible.
I suppose time will tell as far as how this prevision plays out. I’ve spent the last 30 years in the tax business, so I’ll admit that I’m a bit skeptical. Especially concerning all of those potential 1099-Ks. I guess my software will come in handy for clients: https://1099-etc.com/.
Father God you know the evil know that looks around the corner weather it is reality or not no one has a right to control anybody in the United States of America Lloyd and your word it says render what Caesars owed in that is called taxes father God protect your people from anything that anyone is going to do illegal in the name of Jesus I rebuke all this evilness that is going on in our world thank you
I decree and declare Americans are waking up to the deep state activity and exposure and justice are on the agenda especially in the next 2 years. The ecclesia is proactive to become instruments for God’s glory. The IRS situation is just another situation to point out the corruption in our government and our need to pray and do what the Lord directs especially with biblical citizenship.
Oh yes, tax the little guys so that Biden can waste it on sending it to Iran, etc. Please, give me a break. Biden is confiscating money wherever he can find it, but doesn’t mind filling his and his family’s pockets with tons of money!
In the last days good will be called evil will be called good -:very true in these days – The Irs isn’t a good thing any moore but have taken in a mofia or thug type role but I believe the verse which says one outs a thousand flight and two puts ten thousand to flight and we as the IFA Army have the victory over this demonic assignment against Americans and say crash and burn – to this evil policy and leave no seed to grow another evil IRS assignment .