Author Topic: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600  (Read 191 times)

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Offline Texacon

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https://www.democraticunderground.com/100216246210


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Dial H For Hero
IRS Targets Your Side Hustle in Crackdown on Transactions Over $600

https://www.bloombergquint.com/business/uncle-sam-wants-a-piece-of-your-side-hustle-in-irs-crackdown

(Bloomberg) -- It just got harder to hide from the IRS.

Starting this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information.

“Until this year, the threshold was much higher ($20,000 and 200 transactions) so it didn’t affect nearly as many people,” Venmo told users in its messages about the change. “This requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.”

The moves have sparked outcry on social media. For one thing, the lower threshold comes as more and more Americans bet on themselves: a record 5.4 million adults applied to form their own business last year, according to U.S. Census Bureau data released this week. That’s partly because it’s easier than ever to use apps to sell crafts, provide services or rent out a second or third home online.

(Excerpt)


Oh yeah, remember when uncle Joe promised that if you didn’t make more than $400k/year you wouldn’t pay anymore in taxes?  That was a lie. lol

KC
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Offline SVPete

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #1 on: January 14, 2022, 12:22:34 PM »
Did any DUmmie quibble the Bloomberg article's implicit assumption that people are using apps such as those listed for income they don't report, and the IRS is trying to detect tax cheats? (I'm neither agreeing nor disagreeing with this change, just calling out some DU-folks' objection when their tax-cheat strategy gets targeted)

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CousinIT (6,759 posts)

12. Easier than cracking down on the *******ed billionaires. That takes tax experts...

...and a LOT of them.

This is why the IRS has been stripped down to skeleton crew and defunded by Republicans over the past several decades.

Somebody spends too much time in their :stoner: iverse.

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Hoyt (51,877 posts)

9. Good. Gun-humpers profiting off their gunz ought to be taxed out of existence. N/T

IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?
Anti-Covid-Vaxxer pig crap claim/prediction, Doctor: Heart Failure from mRNA Jabs "Will Kill Most People" | Principia Scientific Intl. ; Fully Vaxxed May 2021; Viva CallSJ "5K" (actually 3.26 miles), 9/19/21, 51:19; ZombieRunner Halloween 10K, 10/31/21, 1:49:30; Coyote Hills 10K (actually 6.6 miles), 400' uphill, 400' downhill, 01/22/22, 2:22:52; ZombieRunner Quarry Lakes half marathon, 4:19:07, 12/12/21

SVPete, aka PeteS in CA, aka Traddles

Offline Patriot Guard Rider

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #2 on: January 14, 2022, 12:26:32 PM »
https://www.democraticunderground.com/100216246210



Oh yeah, remember when uncle Joe promised that if you didn’t make more than $400k/year you wouldn’t pay anymore in taxes?  That was a lie. lol

KC

Are the DUmmies now complaining about democraps in Washington nosing into their side hustle?

Seems we tried to warn them what democraps would do once in power.
Liberals disgust me. (Now I don't have to remember to put it on each post).

Because only the left goes searching for that which is not there in a desperate attempt to be offended about something.

"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen." - Samuel Adams

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Offline Texacon

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #3 on: January 14, 2022, 12:32:13 PM »
Did any DUmmie quibble the Bloomberg article's implicit assumption that people are using apps such as those listed for income they don't report, and the IRS is trying to detect tax cheats? (I'm neither agreeing nor disagreeing with this change, just calling out some DU-folks' objection when their tax-cheat strategy gets targeted)

Somebody spends too much time in their :stoner: iverse.

IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?


Hoyt can’t own a gun, he’s a convicted felon. Armed robbery, if I remember correctly.

KC
  Build a man a fire and he'll be warm for a day.  Set a man on fire and he will be warm for the rest of his life.

*Stolen

Offline Wineslob

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #4 on: January 14, 2022, 01:48:32 PM »
Quote
IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?


It still believes in the "Gun Show Loophole".
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Offline SVPete

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #5 on: January 14, 2022, 02:08:26 PM »

It still believes in the "Gun Show Loophole".

 :thatsright: Is Hoyt so bleepingly dumb that he thinks a $601 private sale of a used gun originally bought for $800 is a taxable transaction? :thatsright:
Anti-Covid-Vaxxer pig crap claim/prediction, Doctor: Heart Failure from mRNA Jabs "Will Kill Most People" | Principia Scientific Intl. ; Fully Vaxxed May 2021; Viva CallSJ "5K" (actually 3.26 miles), 9/19/21, 51:19; ZombieRunner Halloween 10K, 10/31/21, 1:49:30; Coyote Hills 10K (actually 6.6 miles), 400' uphill, 400' downhill, 01/22/22, 2:22:52; ZombieRunner Quarry Lakes half marathon, 4:19:07, 12/12/21

SVPete, aka PeteS in CA, aka Traddles

Offline Aristotelian

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Re: IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
« Reply #6 on: January 17, 2022, 02:50:23 PM »
Quote from: CousinIT (6,759 posts)
12. Easier than cracking down on the *******ed billionaires. That takes tax experts...

...and a LOT of them.

This is why the IRS has been stripped down to skeleton crew and defunded by Republicans over the past several decades.

A gentle reminder that every single tax loop-hole was put in there by the politicians who complain when people take advantage of it.