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The IRS announced on Tuesday that it is delaying a controversial tax reporting requirement targeting Americans who made more than $600 online through third-party payment apps like Venmo or PayPal. The rule change – approved by Democrats in March 2021 with the passage of the American Rescue Plan – would have required payments platforms, including Venmo, PayPal, Etsy and Airbnb, to send Form 1099-K to the IRS and users if their transactions totaled more than $600 over the course of the year. Instead, the IRS will treat 2023 as "an additional transition year," meaning that payment apps will not be...

Tax reporting threshold drops from $20,000 to $600 Average Taylor Swift ticket re-sold for $1,600 IRS will send out 44 million 1099-K forms this upcoming tax season (NewsNation) — It was a summer of record-breaking ticket sales for live events. From Taylor Swift to Lionel Messi, fans shelled out thousands to see their favorite stars in person. Scalpers made huge profits by selling their tickets for exorbitant prices, and now the IRS wants a piece of the pie. A new tax regulation enacted under the American Rescue Plan Act says anyone who receives over $600 from a settlement organization like...

Critics are sounding the alarm on the Internal Revenue Service significantly lowering the threshold for transaction reporting through payment apps, warning the change signals a new level of government overreach that targets small businesses and middle-class Americans. The IRS issued a reminder last week to taxpayers who utilize third-party payment processors like Venmo and PayPal about changes to reporting income in an updated explainer on their website. These changes created by the American Rescue Act now require the platforms to report any transaction over $600.

The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal to file a tax form known as Form 1099-K. The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency. The rule does not apply to noncommercial payments like reimbursing someone for...

Leaving PayPal? Here Are Your Christian Alternatives For Online Commerce Christian and neutral alternatives to PayPal exist.

In the best of times, the Internal Revenue Service is tough to deal with, and tax season is never fun. But the past few years have seen the IRS lurch from one crisis to another. And things are about to get much worse for millions of taxpayers. In 2021 Congress expanded the reporting requirements of the obscure Form 1099-K. This information-reporting form tracks business transactions done with a credit or debit card or such peer-to-peer services as Venmo and Paypal. Prior to the change, taxpayers received a 1099-K only if they processed more than 200 business transactions, amounting to more...

The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster -------------------------------------------------------------------- *resident Joe Biden and Democrats in Congress passed a new rule that requires payment companies and cash applications such as Venmo and PayPal to report $600 or more of payments to the Internal Revenue Services. The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning...

It also reveals that authorities first became aware of Griffin's depraved proclivities 18 months ago – yet the FBI didn't arrest him until Friday in Connecticut for allegedly soliciting three mothers and their underage daughters for "training" on fetish sex. The third count in the federal indictment out of Vermont is based on the encounter with the 9-year-old in July 2020, for which Griffin paid the mom $3,500 via Venmo. After the woman's arrest in August 2020, federal investigators seized "computers storage media, devices, phones, cameras, MicroSD cards, images, and video" from Griffin on Sept. 2, 2020, according to court...

One key prong of President Biden's plan to bankroll Democrats' $3.5 trillion budget plan is to monitor every inflow and outflow of an individual's bank account. The proposal would require banks to report to the IRS every deposit and withdrawal from an account, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. The IRS would know how much money is in an individual's bank account in a given year, whether the individual earned income on that account and exactly how much was going in an and out. Biden, Treasury Secretary Janet Yellen,...

Why are white people sending unsolicited donations to their black friends - or forking it over to total strangers? The phenomenon may have begun as satire, but like so many jokes in 2020, “mini-reparations” have become reality. With race relations in the US front and center ever since last month’s police killing of George Floyd in Minneapolis, some people are taking the matter of reparations for slavery into their own hands. Guilty white people sending unsolicited cash donations to their black acquaintances – or eagerly responding to calls for cash from random social media accounts purporting to be needy black...

Internet sleuths found Joe Biden’s secret Venmo account in less than 10 minutes and were able to identify it using his friends list, causing a potential national security issue. Venmo is a mobile payment service owned by PayPal that allows users to transfer money to other users in their contacts list. An aide recently revealed that Joe Biden, AKA, “The Big Guy,” uses Venmo to send his grandchildren money. Internet sleuths immediately started searching for Joe Biden’s account by using the app’s features to look for his aides, friends and family. Within 10 minutes cyber detectives at BuzzFeed News found...

Jim Jordan, Elise Stefanik and Nikki Haley all have something in common, other than a strong affection towards President Trump. The three Republican politicians joined social media app Parler this week, adding their profiles to a site that’s emerged as the new digital stomping ground for anti-Twitter conservatives. Sen. Ted Cruz of Texas arrived earlier this month and Rep. Devin Nunes of California started in February, while Sen. Rand Paul of Kentucky has been a member since 2018, the year the app launched. “It’s about time y’all joined me on @parler_app,” Paul tweeted on Wednesday. “What’s taking the rest of...

A Florida hurricane may be about to hit Washington, DC. Laura Loomer, a 26-year-old conservative provocateur running for Congress in the Sunshine State, is gaining strength with activists and donors buzzing about the possibility she is the conservative answer to New York Rep. Alexandria Ocasio-Cortez. “She’s the Republican’s AOC,” longtime GOP strategist Roger Stone gushed to The Post. “She’s young. She’s energetic. She’s feisty. She’s anti-establishment, and she has an enormous national following, as does AOC, which can help finance a congressional race.” Like the Queens/Bronx congresswoman, few took Loomer seriously when she declared her candidacy in the heavily-blue 21st...

Last week we saw bitcoin, the great hope of cryptocurrency, skyrocket to over $13,000. It was in the vicinity of $3,200 as recently as December. Why? Maybe it was Facebook’s new venture into creating its own digital currency, Libra — although, if that were to be successful, how it would offer any type of validation of bitcoin is beyond me, and a whole lot of smart people on Wall Street. In fact, it might spell the beginning of the end for bitcoin. There are almost no major Wall Street investors of substance with meaningful track records who have invested in...