IRS and 1099K: The IRS and the Democratic Administration is now going to start to reach into every form of monetary transaction, see below:
“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 transactionsFor returns for calendar years after 2021: Gross payments for goods or services that exceed $600, AND Any number of transactionsThe American Rescue Plan of 2021 changed the reporting threshold for third-party settlement organizations, including payment apps and online third-party settlement organizations. The new threshold requires reporting of transactions in excess of $600 per year; changed from the previous threshold of an excess of 200 transactions per year and an excess of $20,000. TPSOs are required to report payments for goods and services. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member for a household bill.NOTE: On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of $600. For calendar year 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.”
As you see it went from $20,000.00 to $600.00, and ANY number of transactions. So for those of you who sell all your old garage treasures on eBay, watch out, you will get reported on a 1099K, and you will have to account for those incomes. To be honest, I am surprised they haven’t done this before now. I guess this is why they needed another 87,000 IRS agents, the next thing will be garage sales, the IRS will want you to report any transactions over $600.00.
Doing this overreach of government and hiding it under the ‘American Rescue Plan’ is a total lie and insult to the American people. What out to all, the people in power in Washington now want to get into every aspect of your life. We see this from telling you what is best for your kids education, to telling you what gender you are or are not, to seeing where you are getting money from and how you are spending it. This Administration and all of is nasty tentacles needs to go, quickly.
Fentanyl and Guns: This Administration is bound and determined to get ALL guns out of the hands of EVERYONE, or at least try. They talk about all of the deaths from gun violence, and yes there is a lot just ask the people in Chicago, or Portland, oh but wait, can’t count them just because they have crappy worthless mayors.
Then I hear about the amount of fentanyl coming in across our southern boarder and how every state no matter how rural or metro are seeing deaths. And that a pin head amount can kill a person, wow. I am sure if the statics are kept, accurately, that there are many, many times the number of deaths caused by this drug, than there are deaths cause by guns. That said we will never know for two reasons, First, I a sure the reporting avenues have been told, do not report the death as fentanyl, look for another cause of death, you know like wwe did in the first year of COVID, person was killed in a traffic accident, but had COVID, well then it was COVID, not the car accident, or the heart attack, or even the gun shot wound. Second, and most important, this Administration would have to deal with the boarder issue, which we know they are not going to, nor will they ever. The crisis at the southern boarder is going just they way this worthless Administration wants it to go. This Administration and all of is nasty tentacles needs to go, quickly.
I am going to continue to pound this Administration, and all who support it, until we see a change. Look at your life now, vs two years ago. Look at the impact this worthless Administration has had on your wallet, your quality of life, and now starting to reach it’s tentacles into your financials. This is changed at the ballot box, remember this.
Today is a Blessing and Tomorrow is a New Day.
Make America Great Again