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gilbert33
Fountain Valley, OC, CA
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Locked. No further comments permitted. Using Venmo. Cash App or Zelle, new tax reporting for 2022. Thanks Biden.
Dec 26 2021 10:30PM more by gilbert33
Tags: Orange County, Current Events (All tags)

If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS.

The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact business owners using third-party payment network providers. The IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal to ensure those using the third-party payment networks are paying their fair share of taxes.

Previously, the IRS only required third-party payment networks to report payments that met both of the following reporting requirements:

Gross payments that exceed $20,000, AND
More than 200 transactions within the current year.
Beginning Jan. 1, 2022, third-party payment networks will be required to send users Form 1099-K for transactions made by mail or electronically. This means you don’t have to worry just yet: The new tax reporting requirement will impact your 2022 tax return filed in 2023.

The people sending the payments can also be questioned by the IRS.
      
There are 27 comments on this blog. This blog is locked and no further comments are permitted.
Zeros
Fullerton, OC, CA
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Dec 26 2021 10:42PM     link to this

Meanwhile, the people with the most will continue to pay the least. All while the middle class continues to get fucked.


I wonder when this country will take the "Land of the Free" and "Equal Opportunity" out of its moniker. Much like Google did with "Don't be Evil."


jarhead1183
KS
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since Mar 27 2012

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Dec 27 2021 04:33AM     link to this

If paying or sending $ using.a TPSO, just don’t select the “ Goods or Services” button. Problem solved.
yellowB2
Mission Viejo, OC, CA
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since Sep 21 2016

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Dec 27 2021 07:55AM     link to this

Socialist morons always point to the wealthy as a pariah -- they have too much, they don't donate enough, they don't pay their fair share of taxes.

Actually turns out they do, and get attacked anyway. At least 7.5 BILLION in taxes to be paid this year by Elon Musk, and Elizabeth Warren is not pleased. She wants more. But how much more? The reality is that not only does she want all of it, she wants to ride on the coattails of Musk's success to promote her own fame and fortune, and her own agenda. She doesn't give a shit about Elon Musk, or you, or me. Only about herself and the party. The constituents, and God and Country? Well, most of that is just a formality in the oath of office. No one really believes that bullshit.

Here's a link to Warren's load of crap against Musk from a "reliable" source that you lefties cannot dispute:
Attached Links
https://www.cnn.com/2021/12/15/investing/elon-musk-elizabeth-warren-taxes/index.html
Tatiana36dd
NC
98 blogs/874 comments
since Feb 4 2012

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Dec 27 2021 08:18AM     link to this

Hello Mr. ACCOUNTANT. Come here. Tell me all about it!
Zeros
Fullerton, OC, CA
33 blogs/1558 comments
since Apr 7 2015

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Dec 27 2021 02:14PM     link to this

I'm in the process of planning a life changing event that might cause me to seek my own health insurance.

If your not completely destitute, the cost for someone like me is over $800/month with a $5k deductible. And this is for decent coverage, anything with a $1k or less deductible is over $1k a month. This is for a SINGLE person!

Absolutely insane for the richest country in the world. My Canadian friends find it astounding that on top of the cost of having insurance there are things like deductibles and co-pays ON TOP of the insurance fee.

This isn't a scam, this is out right robbery. People like to go about about "socialism" but holy shit there has got to be a better way than this.




Zeros
Fullerton, OC, CA
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Dec 27 2021 02:32PM     link to this

I know this has nothing to do with the topic, but its just another way the USofA is fucking us over.


I have heard the term late stage capitalism and it seems to fit what we are experiencing.


i_heart_boobs
Orange, OC, CA
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since Apr 25 2008

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Dec 27 2021 02:43PM     link to this

7.5 billion sounds like a lot until you realize that it's only a bit above 5% of what he is said to have made in 2020.
GoBallsDeep
Fullerton, OC, CA
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since Dec 12 2019

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Dec 27 2021 03:11PM     link to this

YES!
You should be happy to give more than you make to your government.
Remember what JFK said about asking what you can do for your country.
Empty your bank account
Max out your cards
mortgage everything you have
Send in your check..........now!

It will never be enough, no matter how much you pay.
Medicare BK in several years
Social Security is next
Send in your check, Uncle Sam needs it!

GoBallsDeep
Fullerton, OC, CA
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since Dec 12 2019

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Dec 27 2021 03:13PM     link to this

Who cares who you're asking?
I'm a citizen and get a vote
Did you send your money yet?
GoBallsDeep
Fullerton, OC, CA
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since Dec 12 2019

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Dec 27 2021 03:18PM     link to this

^standard post when clueless
GoBallsDeep
Fullerton, OC, CA
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Dec 27 2021 03:20PM     link to this

How much will you donate to your government today?
You should throw in your entire net worth
That should be good for a nanosecond of good governing.
GoBallsDeep
Fullerton, OC, CA
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Dec 27 2021 03:46PM     link to this

so clever
ruaturtle
City of Los Angeles, LA, CA
224 blogs/2186 comments
since Sep 10 2006

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Dec 27 2021 04:27PM     link to this

In 2022 IRS is going after you're Crypto big time as well!
AFMadness
Inland Empire, CA
264 blogs/5900 comments
since Aug 17 2009

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Dec 27 2021 10:34PM     link to this

This is why Crypto peer to peer wallets have come into being. Thank you Mr Nakamatoto. Just don't lose your key.

Ya that statement may take a couple of years for most to figure out.
DaHost
CA
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since Sep 7 2021

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Dec 28 2021 12:55AM     link to this

That explains the following email I received from Stubhub...

Beginning January 1, 2022, new IRS regulations require StubHub to generate a Form 1099 for accounts that meet or exceed $600 in gross sales within the 2022 calendar year. In order to generate a Form 1099 as required by state and federal tax laws, we’ll need your Taxpayer Identification Number (TIN). Your TIN is typically either your Social Security Number (SSN) or Employer Identification Number (EIN) for businesses.
Based on your previous sales history, you are likely to reach the new $600 threshold in 2022. We encourage you to prepare for your future sales by inputting your TIN as soon as possible into your StubHub Account. To enter your TIN:
• Login to your StubHub Account at StubHub.com
• Visit the Settings page, under your Profile
• At the bottom of the page, enter your information under Taxpayer Identification Details
Beginning January 1, 2022, sellers who reach the $600 threshold and do not have TIN information on file will receive an email alerting them to update their information. Payment will be withheld from sellers until TIN information is provided.
If you meet these reporting requirements, we’ll generate a 1099 and send it to you via U.S. Mail at the beginning of each year. The same information will be sent to the IRS and state tax agencies where applicable (e.g., Massachusetts, Vermont)..
InsearchofStarfish
Santa Ana, OC, CA
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Dec 28 2021 09:00AM     link to this

hopefully, that irs THING never gets passed...that and the amnesty were the crown jewels of BBB

good thing senate rules knocked the amnesty out of the bill

lapierre
Seal/Sunset Beach, OC, CA
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Dec 28 2021 10:00AM     link to this

IF tax payers really felt like they got something in return it would be a lot less painful.
As it is now what do you as a citizen really get for your federal tax payments?

lapierre
Seal/Sunset Beach, OC, CA
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Dec 28 2021 12:17PM     link to this

National parks - ok
bridges - ok
roads - arent most roads paid locally?
schools = i think paid by state/county/city?
military - yes and thats a big one.
air traffic control - partly paid by the additional tax on av gas/jet fuel
social security - paid by yourself and your employer
medicare/medicaid - ok
court system
government officials/employees/agencies
security/FBI/CIA


do you feel you are getting your moneys worth?
i dont know.. seems like a rip off / scam


Waterdisport22
OC, CA
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since Dec 26 2018

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Dec 28 2021 01:19PM     link to this

The chart below gives you a little perspective as to where we are with taxes....

The comment above about healthcare. Yes its cheaper in Canada. Try getting sick and needing and MRI or other. Enjoy your time on the waiting list. Same thing in England. My friend had to wait 6 months just to see a dentist for a procedure.

Socialism had NEVER worked no matter where or when its been tried.

If Insurance companies were able to compete in all 50 states....prices would go down. That is not the case & Obummer care did not help this one bit. Again class socialism never works.


Lastly....regarding taxes.

Ever President who has lowered taxes has seen a huge influx of monies to the gov. Why? People know better how to spend money for investing vs the gov. JFK....Clinton....Reagan....Trump....all showed HUGE increases when this happened. They just have a problem with spending too much.


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Zeros
Fullerton, OC, CA
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Dec 28 2021 01:49PM     link to this

It's ok. We can just continue down the road of late stage capitalism. Continue to worship at the alter of your political and corporate gods because this is the best it can ever get!


Can't do a social healthcare system because "reasons" but no problem with pissing away 20 trillion dollars in a 3rd world shit hole with a disastrous exit and fuck all to show for it.


Brilliant!










edseventwo
Dana Point, OC, CA
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since Nov 26 2014

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Dec 28 2021 02:17PM     link to this

The Head of the IRS is Charles P. Rettig. He is the one who suggests new IRS tax laws. And he was appointed by Donald Trump in 2018.

Please do your homework. That's like saying Elon Musk invented electric cars
Waterdisport22
OC, CA
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Dec 28 2021 02:41PM     link to this

@Spanner

YOU are a moron. You did not even take the time to look something up and so simple to do.

Let me introduce you to Google....give it a try sometime.

Better yet...duck duck go


This took all but seconds to show that TAX cuts spur tax receipts for the Federal Gov. Always has worked & always will.


Changes in marginal income tax rates cause individuals and businesses to change their behavior. As tax rates rise, taxpayers reduce taxable income by working less, retiring earlier, scaling back plans to start or expand businesses, moving activities to the underground economy, restructuring companies, and spending more time and money on accountants to minimize taxes. Tax rate cuts reduce such distortions and cause the tax base to expand as tax avoidance falls and the economy grows. A review of tax data for high income earners in the 1920s shows that as top tax rates were cut, tax revenues and the share of taxes paid by high income taxpayers soared (see Figure 1).

The Mellon Tax Cuts

When the federal income tax was enacted in 1913, the top rate was just 7 percent. By the end of World War I, rates had been greatly increased at all income levels, with the top rate jacked up to 77 percent (for income over $1 million). After five years of very high tax rates, rates were cut sharply under the Revenue Acts of 1921, 1924, and 1926. The combined top marginal normal and surtax rate fell from 73 percent to 58 percent in 1922, and then to 50 percent in 1923 (income over $200,000). In 1924, the top tax rate fell to 46 percent (income over $500,000). The top rate was just 25 percent (income over $100,000) from 1925 to 1928, and then fell to 24 percent in 1929.

Secretary Mellon knew that high tax rates caused the tax base to contract and that lower rates would boost economic growth.


You really are as stupid as your posts Spammer....really stupid.
Attached Links
https://www.cato.org/commentary/1920s-income-tax-cuts-sparked-economic-growth-raised-federal-revenues#
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lapierre
Seal/Sunset Beach, OC, CA
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Dec 28 2021 03:19PM     link to this

Haiti - thats a typical comment, if you dont like it here go live somewhere else, kinda what Trumpsters told everyone who were unhappy - and no they didnt go, they just kept complaining..

And yes, it is a pretty ignorant comment.

I dont think there is anything wrong with capitalism as a whole but i think a lot of our tax payments are a total waste.
in my opinion for what we are paying we should all get good reliable healthcare, free education up through college.
maybe an option to "buy up" if anyone is interested in "better or best".





GoBallsDeep
Fullerton, OC, CA
152 blogs/11237 comments
since Dec 12 2019

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Dec 28 2021 04:14PM     link to this

^ Whiner-in-Chief
sbs
Waterdisport22
OC, CA
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since Dec 26 2018

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Dec 28 2021 04:18PM     link to this

Spammer....this is where it started....FFS

You are REALLY stupid.

Go ahead and look up the Reagan tax cuts....JFK tax cuts....Clinton tax cuts.....and Trumps tax cuts.

Receipts ALLLLLL WENT UP.



You really are stupid....and frickin lazy.


I have proven my point....all you do is spout off with NO EVIDENCE.

Why...well there is none.


And for the rest of you...CAPITALISM has created more wealth....than any other ism. PERIOD.

American CITIZENS give more money to the rest of the world than the rest of the world combine....and that is without adding Gov give aways.


So please spare me your comments....get off you asses and work.....FFS.
GoBallsDeep
Fullerton, OC, CA
152 blogs/11237 comments
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Dec 28 2021 04:21PM     link to this

“Ever President who has lowered taxes has seen a huge influx of monies to the gov. Why? People know better how to spend money for investing vs the gov. JFK....Clinton....Reagan....Trump....all showed HUGE increases when this happened.” - waterdisports22

This is just a lie."



you should go back and do your homework on this one
See the link, JFK DEMOCRAT was President
Maybe facts are unimportant and it's all a lie though according to our resident brain trust



Here's the takeaway at the end:

Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965.
Attached Links
https://en.wikipedia.org/wiki/Revenue_Act_of_1964
GoBallsDeep
Fullerton, OC, CA
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Dec 28 2021 04:21PM     link to this

Spanner = sbs
There are 27 comments on this blog. This blog is locked and no further comments are permitted.