The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on November 26, 2022, 12:16:42 am
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Wendell Husebø 25 Nov 2022
The IRS reminded gig workers this week to report payments over a $600 threshold made through third party payment apps, such as Zelle, Cash App, Venmo, and PayPal.
As a result of President Joe Biden’s American Rescue Plan Act of 2021, gig workers will now be forced to report income over $600 to the IRS on a form called the 1099-K, the agency said Tuesday.
The new rule is intended to compel American workers to “pay your fair share,” an idea that Biden has pushed for the wealthy but not average Americans — until now.
According to the agency, the third party payment apps will send each individual a 1099-K by January 31 for the income received in the prior calendar year. The specific rules state:
From all payment card transactions (e.g., debit, credit, or stored-value cards), and
In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:
For returns for calendar years prior to 2022:
Gross payments that exceed $20,000, AND
More than 200 such transactions
For returns for calendar years after 2021:
Gross payments for goods or services that exceed $600, AND
Any number of transactions
The previous rule before this year stated the threshold for filing a 1099-K form was 200 transactions with the total aggregate of $20,000.
The new rule signed into law by Biden will impact American workers. Pew Research found in 2021 that 16 percent of Americans are a part of the so-called “gig economy,” though not all respondents were paid through third-party apps.
The new tax filing rule is joined by Biden’s increased funding of the IRS to enforce the $600 threshold. In 2022, Biden signed the Inflation Reduction Act, which funds 87,000 additional IRS agents.
https://www.breitbart.com/politics/2022/11/25/irs-forces-gig-workers-report-over-600-threshold-venmo-paypal-payments/
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So cash payments (illegals/day workers) are not tracked... only honest folks..
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So cash payments (illegals/day workers) are not tracked... only honest folks..
Yup. Illegals are part of the new privileged class.
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Now watch some wart figure a way to include tips in this.
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They threaten to audit anyone not reporting that whopping $600. What was that BS about audits only of the wealthy?
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Now watch some wart figure a way to include tips in this.
Tips are already reported.
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Tips are already reported.
If they are claimed. Credit card tips are, cash might not be.
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If they are claimed. Credit card tips are, cash might not be.
If they go through the employer, cash or credit, they get reported.
And if you work in an industry where tipping is customary and you report no tips, you get audited.
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Build back better!
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Enforcing this thing is the job of all those 87,000 new IRS agents that were authorized and funded in that "Rescue" law.
:im waiting: