The 1947 - Present Chevrolet & GMC Truck Message Board Network - PAYPAL IRS Requires Taxpayer ID for Sales over $600

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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Think that many believe only a single transaction triggers this. It is actually cumulative, if a total of more than $600 is received in the year it will be reported. Also, my understanding is while reporting has been postponed. It is just that, postponed. 2022 reports will be included with 2023.

Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I think like many laws that are enacted they are not thoroughly thought out. This would create hours and hours of work for the IRS not to mention they are already understaffed. I think the law will be changed from the 600 dollar threshold and probably stay as is 20,000. I understand paying/collecting taxes but going after the middle & lower class tax brackets to collect more money is misguided. People making millions of dollars and paying less then 13% is where the US tax code needs to be rewritten.

Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:

Originally Posted by truckin 79 (Post 9163006)

thats why they hired 87,000 new irs agents..

Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I'm reminded of the yet-again extended deadline (originally to take effect in 2008) to obtain a REAL ID license. Because it's so important I guess.

Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:

Originally Posted by jamie72 (Post 9163055)

thats why they hired 87,000 new irs agents..

There was a plan, but hey have never been hired.

Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:

Originally Posted by jamie72 (Post 9163055)

thats why they hired 87,000 new irs agents..

Even that would not be enough if the threshold stands at 600. The IRS is already understaffed and would have to try and review almost 50 million 1099-k forms.

Quote:

Arshi Siddiqui, a partner at the law firm Akin Gump who is representing a coalition of businesses trying to change the new tax requirements, said she expected that as many as 50 million taxpayers would get new tax statements for the first time as a result of the measure in the American Rescue Plan.

Even if the IRS hired 87k most of those would not do audits.
https://www.nytimes.com/2022/11/06/u...act-check.html

Quote:

Among the I.R.S.s work force of about 79,000 employees, 10,000 are actually agents. (Of those, 8,000 are revenue agents who audit tax filings and 2,000 are special agents who investigate potential tax crimes.) In fact, the two most common I.R.S. jobs have little to do with tax auditing or investigations: about 13,000 are customer service representatives