Commentary: New IRS Requirement Raises Questions About Vow to Expand Audits Only on ‘Rich’
Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out.
American people hardly care. Less than half even pay Federal income tax, and most the remainder are too addicted to convenience to want to bother to resist.
Because if everyone submitted sloppy but accurate handwritten returns the IRS would be crippled.
Handwritten returns is a great idea. That would bring them to a screeching halt. Especially if you use Cursive as scanner barf them right out. That could be a good idea.
So with their eBay/gig/Venmo limit of $600 without filing irs1099.... What happens when I sell my old clunker for $2000.... Taxes were paid on the money used to originally purchase the car by me.... Taxes (registration/sales) were paid with my after tax money.... and now they want to tax my sale....????
Sound like we need to start giving 2nd hand/used stuff away.... and the recipient can give/gift you up to $15,000 tax free per year.
Not an issue. They really want to catch gig workers paid in "electronic cash".
What you make from selling a car is not income, but sale of an asset, which isn't taxable as income because you are not a car dealer. Keep the receipts to cover your backside. The IRS might rule it as income if you trade often enough to be called a part time used car dealer.
@anonymous 12:48PM You can't be that naive. With all of the corrupt practices that have been revealed by various deep state .gov agencies over the last 7-8 years, what makes you think that the Eye Arr Ess is going to comply with the law when it comes to ANY transaction that pings its radar?
Examples will be made to ensure compliance AND to justify hiring 77K agents and ensure their continued employment.
I have been filing electronically since it was first offered. taxcut, hrblock, whatever program was on sale. Beginning this year, paper and ink and stamps are in vogue.
77,000 new Eye Arr Ess agents gotta have something to do to earn those massive salary and bene packages.
ReplyDeleteNemo
And going after low-hanging fruit is "productive", because "low-hanging fruit" seldom has a tax attorney on speed-dial.
DeleteAmerican people hardly care. Less than half even pay Federal income tax, and most the remainder are too addicted to convenience to want to bother to resist.
ReplyDeleteBecause if everyone submitted sloppy but accurate handwritten returns the IRS would be crippled.
"American Rescue Plan" - the name same it all. You're screwed.
ReplyDeleteSteve S6
Handwritten returns is a great idea. That would bring them to a screeching halt. Especially if you use Cursive as scanner barf them right out. That could be a good idea.
ReplyDeleteI call them "Upyerass agents..."
ReplyDelete...Hard cash is king...
So with their eBay/gig/Venmo limit of $600 without filing irs1099....
ReplyDeleteWhat happens when I sell my old clunker for $2000....
Taxes were paid on the money used to originally purchase the car by me....
Taxes (registration/sales) were paid with my after tax money....
and now they want to tax my sale....????
Sound like we need to start giving 2nd hand/used stuff away....
and the recipient can give/gift you up to $15,000 tax free per year.
They did put off issuing a 1099 for cash app payments another year, so you're safe for a little bit.
DeleteNot an issue. They really want to catch gig workers paid in "electronic cash".
DeleteWhat you make from selling a car is not income, but sale of an asset, which isn't taxable as income because you are not a car dealer. Keep the receipts to cover your backside. The IRS might rule it as income if you trade often enough to be called a part time used car dealer.
@anonymous 12:48PM You can't be that naive. With all of the corrupt practices that have been revealed by various deep state .gov agencies over the last 7-8 years, what makes you think that the Eye Arr Ess is going to comply with the law when it comes to ANY transaction that pings its radar?
DeleteExamples will be made to ensure compliance AND to justify hiring 77K agents and ensure their continued employment.
Nemo
I have been filing electronically since it was first offered. taxcut, hrblock, whatever program was on sale.
ReplyDeleteBeginning this year, paper and ink and stamps are in vogue.
About time they went after those hundredaires.
ReplyDelete