IRS

[55nitrocowboy]

Who else has to stop selling here because of the new federal tax rules,Biden hiring 87,000 New IRS agents. I'm scared to death .....

[chapeau-noir]

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@dbfolks166mt wrote:

Only folks who don't have a social security number and morons who believe that the IRS is going after them are going to stop selling here.   Yes, Biden hired more agents but it's been long overdued.  And in case you did not know,  the new tax law for reporting online sales after $600.oo was passed under the Trump administration.

     It is difficult to file taxes without a SSN or ITIN number but you can do it by using a Form W-7, “Application for IRS Individual Taxpayer Identification Number.” That gets submitted to the IRS with your tax return and documents verifying identity and foreign status.

     As a side note the law/act that changed the 1099 reporting requirement thresholds was part of Biden's American Rescue Plan Act of 2021 and was passed under his administration. 

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They may be confusing it with the the Tax Cuts and Jobs Act under Trump which eliminated the hobby exclusion, raised the personal deduction and lowered some tax brackets (until 2025 if memory serves) but gave an enormous welfare package to the ultrawealthy.  Tinkering with the tax code has been an ongoing thing under pretty much every administration - they start all blending together and people complain about all of them, anyway. 

[nocoolnamejane]

Yeah, it’s not like it came out of nowhere. All the previous administrations since the gig economy began must have been planning for this in one way or another.

[chapeau-noir]

In their defence, I think maybe people just don't understand 'gig economy'.  They think it's not a 'real' job because it's not 9-5.  People like myself who have freelanced as well as worked W2 jobs certainly have heard "you don't have a real job, you work at home" enough.  Kind of old school thinking, though.

[jscar59]

And how do you keep a "paper trail" of cost of goods acquired at flea markets and shows? No

vendor at a flea market has ever offered a receipt.

[jscar59]

And my son still has not received his 2019 tax refund......things should go both ways.

[nocoolnamejane]

You can carry a receipt pad and ask the seller to fill it out for you.

We often buy from flea markets and other second hand sources at work for stage props and we have the sellers fill out receipts for us for our records.

[gurlcat]

Can't these identical posts that keep coming about the 87, 000 new agents be lumped together somehow?  Or something? 

[slippinjimmy]

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@jscar59 wrote:

And how do you keep a "paper trail" of cost of goods acquired at flea markets and shows? No

vendor at a flea market has ever offered a receipt.

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You keep a log of your purchases. (Date, Place of purchase, item, price paid).

[stephenmorgan]

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@jscar59 wrote:

And how do you keep a "paper trail" of cost of goods acquired at flea markets and shows? No

vendor at a flea market has ever offered a receipt.

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Going forward you create your own paper trail.  You keep a log book and write down date, price and where  you purchase something.  Perfectly legal and acceptable to IRS.  If you want to deduct mileage start a mileage log and keep track of your mileage.  There is no record for how many miles you traveled, you have to create the record.

Going forward should not be a problem. 

People who did not keep records for collectables they acquired over many years may have a problem when they sell the collectables years later.

[chapeau-noir]

When I cleared some small estates I used a reasonable valuation for items that had no receipt (these items went back quite a while).  I did this for four estates, as well as for a hoard of bike parts.  The ballparking has to be a good faith effort, that's all.

[dbfolks166mt]

Yeah, it’s not like it came out of nowhere. All the previous administrations since the gig economy began must have been planning for this in one way or another.

     It's actually a relatively new political strategy that attempts to justify increased spending by offsetting it with hypothetical justification as to how the government intends to pay for the additional fiscal outlays without either causing additional national debt, cutting other programs or increasing taxes. Often those hypothesis fail to materialize or there is an added catch like the recent increase to the IRS budget and staffing that got tacked onto the Inflation Reduction Act. Hidden agendas are starting to become more of the norm with regards to how the government is running the country. There has always been pork barrel politics when it came to the budget but these new individual acts have become the new way to bypass the annual fiscal year budget process. 

[mam98031]

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@55nitrocowboy wrote:

Who else has to stop selling here because of the new federal tax rules,Biden hiring 87,000 New IRS agents. I'm scared to death .....

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@55nitrocowboy 

Why?  Read the rest of the bill or article.  That is 87,000 IRS employees over the next TEN years.  IRS intends on spending that on their IT department as well as in other areas.  It is not all auditors and some would like us to believe.

And why would you stop selling?  We were always responsible for reporting our income to IRS, are you saying you haven't been doing that and having a 1099K issued to you would show this to the IRS?

There is no reason for you to be scared.

[mam98031]

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@inhawaii wrote:

It's not 87,000 new IRS agents.

The landmark $750 billion Inflation Reduction Act signed into law by President Joe Biden on Aug. 16 earmarks about $80 billion for the IRS to hire as many as 87,000 employees. But how the agency will use that money is not finalized. 

The 87,000 figure comes from a year-old Treasury Department assessment of how  many full-time equivalent positions could be funded with the roughly $80 billion. Any additions will come as an expected 50,000 people are on track to retire in the next five to six years.

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@inhawaii 

Keep in mind that this funding is happening over a TEN year period.

[chapeau-noir]

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@dbfolks166mt wrote:

Yeah, it’s not like it came out of nowhere. All the previous administrations since the gig economy began must have been planning for this in one way or another.

     It's actually a relatively new political strategy that attempts to justify increased spending by offsetting it with hypothetical justification as to how the government intends to pay for the additional fiscal outlays without either causing additional national debt, cutting other programs or increasing taxes. Often those hypothesis fail to materialize or there is an added catch like the recent increase to the IRS budget and staffing that got tacked onto the Inflation Reduction Act. Hidden agendas are starting to become more of the norm with regards to how the government is running the country. There has always been pork barrel politics when it came to the budget but these new individual acts have become the new way to bypass the annual fiscal year budget process. 

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Which has become a bit of a nightmare.

[theteamsetguy]

fjbet13,

You mean the anti Biden people?