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2022: Companies to Report Payments of $600 or More

Payment services such as CashApp, Venmo, and Zelle are now required to report transactions totaling $600 or more to the Internal Revenue Service.

As of January 1, 2022, payment services like Cash App, Venmo, and Zelle, among others, are required to report transactions that total $600 or more in one year to the Internal Revenue Service.

Forbes tells us how reasonable this is:

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.

It seems like common sense that the people failing to pay their “fair share of taxes” are the people earning $601 through Cash App.

Previously, the IRS required third-party payment networks to report transactions when the gross payments exceeded $20,000 and had more than 200 transactions per year.

Related: Yellen Defends Proposed Bank Reporting Requirements

The requirement is not limited to Cash App, Zelle, or Venmo; all payment networks, including bank accounts, have the same reporting requirements.

A picture of Form 1099-K

Form 1099-K

PayPal, the owner of Venmo, published a document with answers to potential questions from their customers. The company broke down the changes as follows:

  • 1099-K Threshold Change:
    • This new Threshold Change is currently only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, etc.
    • This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal and Venmo, to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms. Currently, a 1099-K is only required when a user receives more than $20,000 in goods and services transactions and more than 200 goods and services transactions in a calendar year.
  • In-flow and Out-flow Reporting Changes
    • The In-flow and Out-flow Reporting Changes are currently only a legislative proposal, which could potentially be considered by Congress this year. The proposed change would ultimately require all banks and payment service providers, including PayPal and Venmo, to report total inflows and outflows for accounts with at least $10,000 of total deposits and/or withdrawals to the IRS. This is intended to increase the visibility the IRS has into money coming in and out of customer accounts.
    • At this stage, unlike the 1099-K Threshold Change, this is just a proposal and the details are still up for debate. As the situation changes, we’ll be sure to keep this updated as we learn more.

If a user transacted more than $600 in one year, the financial service is supposed to send them a Form 1099-K which PayPal described as “an IRS informational tax form used to report payments received by a business or individual for the sale of goods and services that were paid via a third-party network.”

There presumably will not be any changes to the lives of US citizens who file accurate tax information with the IRS. However, considering the apparent need to add almost 90,000 IRS employees, it seems as if the government is anticipating something

A picture of Ah, at least the IRS workforce would grow at a fiscally responsible rate!

Ah, at least the IRS workforce would grow at a fiscally responsible rate!

PayPal warned:

For the 2022 tax year, you should consider the amounts shown on your Form 1099-K when calculating gross receipts for your income tax return. The IRS will be able to cross-reference both our report and yours.


Should have used Monero?

42 Comments
Do you really want to comment here? not rules
5e7b1f0f
5435a430 Sat, Jan 8, 2022

DYSTOPIA IS INCOMING

d265d17e
aaff2520 Sat, Jan 8, 2022

been here for a minute kiddo

buuuuuuuuttttttt QGeneral Flynn told me I’m SPECIAL?!?!!?!?!?!?!

REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE (autistic sequel intensifies)

12b01846
dfaa7820 Mon, Jan 10, 2022

Taxes end up benefiting everyone. This how the government is able to govern. Without his, you’d have no rights, nothing you are “entitled to”. Taxes are not on the People, but for the People.
Sure, there are loopholes and pieces of shit and corruption, but it would be much worse without a public budget.

So don’t fuck the gov, fuck you for trying to steal from everyone.

f6abeead
5aa643a0 Thu, Jan 13, 2022

y’all love movin those goal posts

the system is working as designed

you are poor you are on the bottom you cannot rise to the top
accept this reality
be happy be healthy

Be wise. Be safe. Be aware.

950bdd6a
2a887630 Sat, Jan 8, 2022

That’s a good thing imo. Only antifa cunts and prostitutes use that shit to fund their crimes. They are also too dumb to use a proper, anonymous payment method.

b5b7351e
121f1f30 Sat, Jan 8, 2022

Yes, more government oversight is good because it only effects my enemies and will NEVER effect me. /s

This is why we can’t have nice things,… because people only give a shit when it effects them personally.

1120c79a
f92ab450 Sat, Jan 8, 2022

there you go again with your american bullshit always that me vs something mentality of 5 year old

who GIVES A FUCK about antifa when at stake is people’s freedom and privacy?!?!!? far up your arse ain’t ya ya cunt?

b6182b37
f92ab450 Sat, Jan 8, 2022

there you go again with your american bullshit always that me vs something mentality of 5 year old

who GIVES A FUCK about antifa when at stake is people’s freedom and privacy

+1

inb4 I get called jewnetlive despite my fairly obvious opinions on this global nanny state.

aa7467d3
87b45130 Sat, Jan 8, 2022

Volume 1: The International Jew: The World’s Foremost Problem (1920)
The International Jew: The World’s Foremost Problem (Volume I) - Nov. 1920 - 1st Edition

Chapters

The Jew in Character and Business
Germany's Reaction Against the Jew
Jewish History in the United States
The Jewish Question—Fact or Fancy?
Anti-Semitism—Will It Appear in the U.S.?
Jewish Question Breaks Into the Magazines
Arthur Brisbane Leaps to the Help of Jewry
Does a Definite Jewish World Program Exist?
The Historic Basis of Jewish Imperialism
An Introduction to the "Jewish Protocols"
"Jewish" Estimate of Gentile Human Nature
"Jewish Protocols" Claim Partial Fulfillment
"Jewish" Plan to Split Society by "Ideas"
Did the Jews Foresee the World War?
Is the Jewish "Kahal" the Modern "Soviet"?
How the "Jewish Question" Touches the Farm
Does Jewish Power Control the World Press?
Does This Explain Jewish Political Power?
The All-Jewish Mark on "Red Russia"
Jewish Testimony in Favor of Bolshevism

Volume 2: Jewish Activities in the United States (1921)
Jewish Activities in the United States (Volume 2) - April, 1921

Chapters

How Jews in the U.S. Conceal Their Strength
Jewish Testimony on "Are Jews a Nation?"
Jew Versus Non-Jew in New York Finance
The High and Low of Jewish Money Power
"Disraeli of America"—A Jew of Super-Power
The Scope of Jewish Dictatorship in the U.S.
Jewish Copper Kings Reap Rich War-Profits
Jewish Control of the American Theater
The Rise of the First Jewish Theatrical Trust
How Jews Capitalized a Protest Against Jews
The Jewish Aspect of the "Movie" Problem
Jewish Supremacy in Motion Picture World
Rule of the Jewish Kehillah Grips New York
The Jewish Demand for "Rights" in America
"Jewish Rights" Clash With American Rights
"Jewish Rights" to Put Studies Out of Schools
Disraeli—British Premier, Portrays the Jews
Taft Once Tried to Resist Jews—and Failed
When Editors Were Independent of the Jews
Why the Jews Dislike the Morgenthau Report
Jews Use the Peace Conference to Bind Poland
The Present Status of the Jewish Question

Volume 3: Jewish Influence in American Life (1921)

Chapters

The Jews and the "Religious Persecution" Cry
Are the Jews Victims or Persecutors?
Jewish Gamblers Corrupt American Baseball
Jewish Degradation of American Baseball
Jewish Jazz Becomes Our National Music
How the Jewish Song Trust Makes You Sing
Jewish Hot-Beds of Bolshevism in the U.S.
Jew Trades Link With World Revolutionaries
Will Jewish Zionism Bring Armageddon?
How the Jews Use Power—By an Eyewitness
How Jews Ruled and Ruined Tammany Hall
Jew Wires Direct Tammany's Gentile Puppets
B'nai B'rith Leader Discusses the Jews
Dr. Levy, a Jew, Admits His People's Error
Jewish Idea in American Monetary Affairs
Jewish Idea Molded Federal Reserve Plan
Jewish Idea of Central Bank for America
How Jewish International Finance Functions
Jewish Power and America's Money Famine

Volume 4: Aspects of Jewish Power in the United States (1922)

Chapters

How Jews Gained American Liquor Control
Gigantic Jewish Liquor Trust and Its Career
The Jewish Element in Bootlegging Evil
Angles of Jewish Influence in American Life
The Jews' Complaint Against "Americanism"
The Jewish Associates of Benedict Arnold
Benedict Arnold and Jewish Aid in Shady Deal
Arnold and His Jewish Aids at West Point
The Gentle Art of Changing Jewish Names
Jewish "Kol Nidre" and "Eli, Eli" Explained
Jews as New York Magistrates See Them
Jews Are Silent, the National Voice Is Heard
What Jews Attempted When they Had Power
The Jewish Question in Current Testimony
America's Jewish Enigma—Louis Marshall
The Economic Plans of International Jews
A Jew Sees His People As Others See Them
Candid Address to Jews on the Jewish Problem
An Address to "Gentiles" on the Jewish Problem
4e8bfc58
c167f890 Sat, Jan 8, 2022

At the same time ProPublica investigation “Secret IRS Files”
about the 0.1% American Billionairs that pay less taxes than you, or the average working class American.
and also the investigation about Billionairs that received Gov. help checks in the pandemic in the mail, including George Soros that finances ProPublica.
Propublica claimed that Soros Returned the check to IRS.
Anyway… Paradox.
ProPublica server was shutdown from Tor Network, conicidence…?
http://p53lf57qovyuvwsc6xnrppyply3vtqm7l6pcobkmyqsiofyeznfu5uqd.onion/series/

This will only increase the value of eCoins 200%.
15% of miners were in Kazahistan, and President shutdown the internet to kill civilians…
“thats a common Gov. tactic, increase price 200% of important items like Heat in Winter, or Food, Rebels will protest violently, will surface, and can be killed more easy.”
happens everywhere…

But people is too negative…
shuting down Kazahistan internet and Electricity,
is good for small miners around the world,
proves that decentralized coin can survive a civil war.
your money is Not lost.
Big fish miners in Kazahistan “panic” and started to Dump coins at low price,
also good for common people small fish looking a Bang for the $$ or get into the eCoin.
All Good.

Keep the killing.

bccf3d4a
031685a0 Sat, Jan 8, 2022

ProPublica is kike propaganda.

1d688158
07e39360 Thu, Jan 13, 2022

^ u really triggered the blue lives matter crowd, jesus

82a0310b
891da200 Sat, Jan 8, 2022

buuuuuuuuuuuuuuuuuuuuuuuuuuutttttttttttttttttttttttttttttttCOIN only go up!

Goalpost movers… get ready… GO!
IM IN IT FOR THE TECHNOLOGY! BITCOIN CANNOT BE TRACED! MINING REWARDS! YOU CAN TRUST SLUSH’S POOL! NICEHASH BRUH! Future of Money! Decentralization! Cyrpto will replace fiat! Investment opportunity! PUMP AND DUMP!!!!!!

don’t kill youself bruhs

a57c0a11
eb14b6f0 Sat, Jan 8, 2022

oh you forgot…

MONERO!!!

Monero needs your help: OSPEAD - Fortifying Monero Against Statistical Attack (ccs.getmonero.org)

Needs your help… taking your dirty dirty filthy FIAT

41fbdfe0
5075f190 Sat, Jan 8, 2022

Buy Rapple yo!

how could you leave out TETHER lol

brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr money machine go brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

e307e212
e04a49d0 Sat, Jan 8, 2022

“Currencies” so stable that when a former Soviet Republic has minor civil direst, Butttttttttcoin go down :(

/r/Bitcoin suicide watch activated.

e54b6a69
a9f22b80 Sat, Jan 8, 2022

@MVSumitVenture

I am in agreement with the sentiment here but is there are indication that the Kazahistan shit is actually causing the current plummet? I just assumed this was a continuation of the decline that started late last year. Kazahistan seems insignificant.

eea254e4
b6270f00 Sat, Jan 8, 2022

I mean it doesn't seem like a better option exists for those without bank accounts or largely any connection to the centralized financial system. I certainly don't treat cryptocurrency as an investment and wouldn't even if I had the money to be someone who invested. These criticisms seem valid but monero seems like a better option than trading some other fake barter token.

6a3f09bc
d0f703c0 Sat, Jan 8, 2022

@Monoply... i mean DNL, lol oh shit bruh u really have no idea how fucked you are

a5036d23
0455e5a0 Sat, Jan 8, 2022

@atetheonion

If you say so bud

91c38ee2
4ebe4390 Sat, Jan 8, 2022

@DNL

I mean it doesn’t seem like a better option exists for those without bank accounts or largely any connection to the centralized financial system.

Cash. CASH. CASH. You know like 95% of criminal enterprise on the planet?

89af21fd
c9467640 Sat, Jan 8, 2022

Okay, if you are standing on a street corner selling dime bags of crack, I agree. But if you're buying or selling drugs online (which is apparently what 90% of my readers do and all they care about), are you proposing mailing cash back and forth? I can't help but be skeptical about anyone proposing such a thing.

bb7e8102
77f3d750 Sun, Jan 9, 2022

^ oink oink

hire a private contractor pig and find out

f1057bac
1505f460 Sun, Jan 9, 2022

^ u mad bro?

snitch

56e96c8d
5853b8b0 Sun, Jan 9, 2022

^ ok Officer

whats the matter that software engineering degree didn’t teach u critical thinking?

oh noooooos Crime doesn’t pay. Whatcha all gonna do pedo cyber criminals, how u gonna cash out now?!?!?! OH NOOOOOOOOOS

dea5e582
9cd4f3f0 Sun, Jan 9, 2022

i thought the academy taught you the basics of criminology assuming you passed that criminal justice undergrad

f8f92368
891bcc20 Thu, Jan 13, 2022

^ @Codex The great Codex legit graces us all with wisdom and speaks truth.

796cd616
196847a0 Sun, Jan 9, 2022

Exit scam or bow out gracefully. Some will live in denial. Others will learn how the industrial military complex works. Some will live a quite suburban life. Some will be buried in a shallow grave, while others will disappear into the Brazilian sunset. I will be in Belize, thank you very much.

All good things…

13653958
a38073e0 Sun, Jan 9, 2022

@DNL in the comments

loose lips sink ships jesus bro

STOP taking LE bait. JFC they are always building a case on all of you. they take the low hanging street niggas because they are the easiest to get and no one cares so they get a public defender but the real prize is you san fran bois like DNL

11e33028
5f5f4cd0 Sun, Jan 9, 2022

Lot of bullshit here, even modz getting wrapped up in this, sad day for small businesses, negligible to big business… come buy our tax free shit instead perhaps??

a523b349
269b4020 Sun, Jan 9, 2022

anyone know what happend to monopoly lmao? was just looking for an article haha

9892a876
0b9ce9c0 Sun, Jan 9, 2022

Monopoly vanished. Defacto exit scam even if not planned that way is the general consensus I think. Lot of speculation. Will publish something soon.

42279226
eedf6bb0 Thu, Jan 13, 2022
        
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Hash: SHA512

Cartel felt they needed to clean house. 
Not an exit scam.  

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79fdbd87
18b50970 Thu, Jan 13, 2022

^

disinfo fud

148b87bf
aa9142d0 Thu, Jan 13, 2022

piggy pie is using the wrong key lol

TRY HARDER go spread your fud we enjoy debunking u

ea3ccce7
af3af5d0 Sun, Jan 9, 2022

worldmarket is exiting captcha not working?

26e067ab
42219eb0 Sun, Jan 9, 2022

worldmarket is exiting captcha not working? catcha not WORKING CONFIMED very odd

4831ccf0
6a133e50 Mon, Jan 10, 2022

Well I feel bad for the people connected to my future pros :'( A lil worse than being banned from the service after 2k cashout

425e0abf
012e9df0 Tue, Jan 11, 2022

Hey DNL, defacto lif3, defacto National security, defacto NATO and Russia, defacto “Nigger…” defacto… I just did

b8a080a5
46002440 Thu, Jan 13, 2022

You die from that stroke?

32ecb780
d869b0e0 Thu, Jan 13, 2022

90% of the comments are posted by feds running some COINTELPRO-style op

a / k / a routine legal police work?

b149ac87
e3817ed0 Fri, Jan 21, 2022

This is the exact reason why we need to fight back against the government! I am looking for people who are willing to fight along side me, my plan is to attack the IRS head quarters. I need a weapons supplier, if you or anyone you know is willing to participate or provide me with additional resources please email me at [redacted this fedposter's email address].

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