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01-04-2023, 05:22 PM | #76 |
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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.
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01-04-2023, 06:07 PM | #77 |
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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.
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01-04-2023, 08:32 PM | #78 | |
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600
Quote:
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01-05-2023, 10:10 AM | #79 |
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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.
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01-05-2023, 12:37 PM | #80 |
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600
There was a plan, but hey have never been hired.
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01-05-2023, 12:47 PM | #81 | ||
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Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600
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:
https://www.nytimes.com/2022/11/06/u...act-check.html Quote:
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