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 .....

[mam98031]

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@fjbet13 wrote:

If you pay your taxes even if they audit you there is nothing to be afraid of . You won’t owe anything. But I heard they are scanning this board for the people mention Biden and auditing them first. So maybe you should be scared.

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@fjbet13 

[chapeau-noir]

BIDEN BIDEN BIDEN BIDEN

#DARKBRANDON

Come and git me, IRS!  ::adopts fighting squat::

[chapeau-noir]

...so...where are they? 🤔

[dbfolks166mt]

@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. 

Which has become a bit of a nightmare.

     Indeed it has. The president is required, by law, to submit his/her annual budget request to Congress by the first week in February. This gives Congress 8 months to mark up, mark down the Presidents request. Congress can either pass the budget in totality or pass each of the individual appropriation elements individually and send it/them back to the President for passage into law before the fiscal year ends on 30 September.  Despite having 8 months to complete this task we have not had a federal budget passed in totality and on time since 1996. Congress has instead resorted to passing the individual appropriations and or continuing resolutions to keep the government running or they don't and the government shuts down. 

[luckythewinner]

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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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"But most of those hires would not be Internal Revenue agents, and wouldn’t be new positions. 

“It is wholly inaccurate to describe any of these resources as being about increasing audit scrutiny of the middle class or small businesses,” Natasha Sarin, a counselor for tax policy and implementation at the Treasury Department, tells TIME.

At the same time, more than half of the agency’s current employees are eligible for retirement and are expected to leave the agency within the next five years."

But even if that were not the case, I have always paid my taxes so it is not an issue for me.

[pickermall]

Keep filing your taxes as you always have been, despite the 1099 threshold.

Reminds me of the cleaning business I had some years ago.. I would get 1099s for taxes. One of my clients never gave me a 1099 so you know what? I had to go through all my invoices and payments for the year (all 12 of them since I got paid monthly) and reported that income to the IRS.

Even if you never get a 1099 you still need to report your income.

[ravensbeak]

Lol, that must have been something else you heard. The current population of the entire US is a shade under 340 million.

[mam98031]

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@ravensbeak wrote:

Lol, that must have been something else you heard. The current population of the entire US is a shade under 340 million.

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They were being sarcastic.

[wrong66]

You write it down. Buy a "PAID OUT" receipt book and enter your purchases there.

[wrong66]

Maybe in a giant TRASH folder?

[sextons-sweet-deals]

no need to stop selling. Just file your taxes correctly. Pay an accountant or use turbo tax. 

Everyone needs to come back down to earth. Stop the political junk!

[8492nylonworks]

Sorry man things changed. It used to be $20000 and 200 transaction before they would automatically report your earning but the bill they passed last year changed that. If you are a causal seller looking to get rid of your junks chances is Uncle Sam is gonna getting that cut.

[bonjourami]

"Sorry man things changed. It used to be $20000 and 200 transaction before they would automatically report your earning"

Thats not true, when that threshold was reached was when PP would issue a 1099k. That did not exempt sellers from always reporting and filing taxes on their Ebay sales.

[mam98031]

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@8492nylonworks wrote:

Sorry man things changed. It used to be $20000 and 200 transaction before they would automatically report your earning but the bill they passed last year changed that. If you are a causal seller looking to get rid of your junks chances is Uncle Sam is gonna getting that cut.

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@8492nylonworks 

It is that highlighted statement that has so many concerned as people keep saying that WITHOUT doing their research.  It is NOT true for those that are only selling off some of there personal items.  There of course are exceptions on high end items that increase in value as they age, but for the most part, sellers cleaning out their closets and selling off some stuff will not have additional income taxes to pay.  They still have to report it on their income tax reports, but it is not likely to increase their taxes.

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

[mam98031]

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@bonjourami wrote:

"Sorry man things changed. It used to be $20000 and 200 transaction before they would automatically report your earning"

Thats not true, when that threshold was reached was when PP would issue a 1099k. That did not exempt sellers from always reporting and filing taxes on their Ebay sales.

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Just to add to that as some Ebay sellers were not using PayPal in 2021 or even 2020.  The threshold change happened as of 2022.  So whomever is the processor of your money in 2022, Managed Payments, PayPal, Amazon, Etsy or whomever, they are ALL required to issue a 1099K if the seller meets the minimum threshold of $600 in Gross Sales.