Will the new $600 IRS reporting threshold change your habits? - Page 15

Marcustt · 03-11-2021, 12:56 AM

Looks like it's still in the final bill... wish i knew for sure heh

chezball · 03-11-2021, 01:12 AM

At this rate, we won't know until 2023 when you get a 1099 or not.

byronscott4ever · 03-11-2021, 02:30 PM

Time to call up your Congressman to find out

Marcustt · 03-11-2021, 02:45 PM

Quote:

Originally Posted by byronscott4ever

Time to call up your Congressman to find out

I think that's only way we'll know for sure. Who's calling?

NEOSportscards · 03-11-2021, 02:52 PM

so a day later and we still don't really know.

Marcustt · 03-11-2021, 02:53 PM

Senator John Thune
United States Senate SD-511
Washington, DC 20510
Phone: (202) 224-2321
Fax: (202) 228-5429
Toll-Free: 1-866-850-3855

chezball · 03-11-2021, 03:37 PM

Quote:

Originally Posted by NEOSportscards

so a day later and we still don't really know.

It was signed today, so if someone can find it, that should give us the info.

NEOSportscards · 03-11-2021, 05:18 PM

On the final version of the bill that was signed today Thune's amendment is still listed for what thats worth.

Marcustt · 03-11-2021, 09:54 PM

Quote:

Originally Posted by NEOSportscards

On the final version of the bill that was signed today Thune's amendment is still listed for what thats worth.

This is such a devastating thing to gig workers and collectors and such. I am surprised there wasn't a huge uproar from all around over this. If Thune's amendment is still in there, then it seems like it's been tabled... How did ebay etc.., stocks do today? They would of tanked i assume if it had gone through.

We can all play " i am holier than thou " tax guys on the internet, but the fact is people just buying selling sports cards and collectibles aren't filing it every year.

coltsnsox07 · 03-11-2021, 09:57 PM

I was reading about the tax cuts and hikes in the bill and got a chuckle when I read this..
"Many Senate Democrats were concerned that millions of unemployed people would be surprised to learn this tax season that they have to pay taxes on their jobless benefits. They pushed through an amendment to the coronavirus plan exempting the first $10,200 in assistance."

What a country.

kerg · 03-11-2021, 10:03 PM

Quote:

Originally Posted by Marcustt

This is such a devastating thing to gig workers and collectors and such. I am surprised there wasn't a huge uproar from all around over this.

The average person just hears "I'm getting money". Everything after that is just noise until it happens to them.

Onions · 03-11-2021, 10:11 PM

Quote:

Originally Posted by Marcustt

This is such a devastating thing to gig workers and collectors and such. I am surprised there wasn't a huge uproar from all around over this. If Thune's amendment is still in there, then it seems like it's been tabled... How did ebay etc.., stocks do today? They would of tanked i assume if it had gone through.

We can all play " i am holier than thou " tax guys on the internet, but the fact is people just buying selling sports cards and collectibles aren't filing it every year.

Ebay was up today.

The Thune amendment was part of the bill. There is no ambiguity here.

chezball · 03-11-2021, 10:53 PM

Quote:

Originally Posted by coltsnsox07

I was reading about the tax cuts and hikes in the bill and got a chuckle when I read this..
"Many Senate Democrats were concerned that millions of unemployed people would be surprised to learn this tax season that they have to pay taxes on their jobless benefits. They pushed through an amendment to the coronavirus plan exempting the first $10,200 in assistance."

What a country.

Unemployment wasn't taxed until the 1986 tax bill that reagan signed.

asujbl · 03-11-2021, 11:05 PM

Anyone want to hire me? My billable rate is reasonable

And then I’ll get a 1099 since I’m a private CFO

Full circle

coltsnsox07 · 03-11-2021, 11:27 PM

Quote:

Originally Posted by chezball

Unemployment wasn't taxed until the 1986 tax bill that reagan signed.

I bet 90% of the people getting unemployment couldn't tell you who Reagan was.
I was at HR Block and my tax prep a few weeks ago she's already had 3 people who received close to $20K in unemployment and had no idea they owed a chunk in taxes because they didn't have any taken out when filing.

chezball · 03-12-2021, 02:34 AM

Quote:

Originally Posted by chezball

It was signed today, so if someone can find it, that should give us the info.

Section 9674 is in the signed bill.
It's for goods and services only.
How many people will try and use F&F to get around it and get their accounts locked?

cruiserdaddy7 · 03-12-2021, 02:43 AM

Quote:

Originally Posted by chezball

Section 9674 is in the signed bill.
It's for goods and services only.
How many people will try and use F&F to get around it and get their accounts locked?

Far too many

chezball · 03-12-2021, 04:07 AM

Quote:

Originally Posted by cruiserdaddy7

Far too many

There'll be plenty "PP locked my account" threads.

Wiseguy917 · 03-12-2021, 06:07 AM

Quote:

Originally Posted by chezball

Section 9674 is in the signed bill.
It's for goods and services only.
How many people will try and use F&F to get around it and get their accounts locked?

The amendment striking it is also still in the bill

Fizroy · 03-12-2021, 09:09 AM

The congress.gov site is not very intuitive to me. But still tried to dig thru it and nothing that I saw shows the amendment was ever agreed upon. It was only proposed and it IS in the final bill. The amendment may still be there but according to the site... only proposed. Correct me if I'm wrong but the wording of striking the section does not appear anywhere.

chezball · 03-12-2021, 11:34 AM

Quote:

Originally Posted by Wiseguy917

The amendment striking it is also still in the bill

Here from forbes.
https://www.forbes.com/sites/lizfarm...r-gig-workers/

omega145 · 03-12-2021, 11:54 AM

Quote:

Originally Posted by chezball

Here from forbes.
https://www.forbes.com/sites/lizfarm...r-gig-workers/

The 1099-K form is used for all third party network transactions and payment card transactions. The change means that starting with tax season in 2023, contractors for app-based companies and entrepreneurs who sell goods at places like Etsy and eBay EBAY -1.8% will receive a 1099-K for any income they received via credit card or other third party payment services when that annual income totals at least $600.

coachnip13 · 03-12-2021, 11:58 AM

Quote:

Originally Posted by Marcustt

This is such a devastating thing to gig workers and collectors and such.

I get the sympathy for collectors, because collectors are likely spending more than they are making, so it's a hassle. But gig workers are working. Of course they should be paying taxes.

QuinEarlyDoucet · 03-12-2021, 12:44 PM

Here please. Lol. I’ll hire you. Not kidding.

Quote:

Originally Posted by asujbl

Anyone want to hire me? My billable rate is reasonable

And then I’ll get a 1099 since I’m a private CFO

Full circle

Marcustt · 03-12-2021, 03:32 PM

So i guess it is in there then "?

I guess when this is fully realized, ebay,etsy etc... are all going to tank in stock prices.

03-11-2021, 11:05 PM	#364
asujbl Temporarily Suspended Join Date: Jun 2010 Posts: 63,010 ohiosundevils	Anyone want to hire me? My billable rate is reasonable And then I’ll get a 1099 since I’m a private CFO Full circle __________________ https://ohiosundevils.smugmug.com/ Browns/Cavs/Tribe/Buckeyes/Jackets/Devils TheFrenzy - “Blowout ain't a place for normies”

03-12-2021, 03:32 PM	#375
Marcustt Member Join Date: Jun 2020 Posts: 50	So i guess it is in there then "? I guess when this is fully realized, ebay,etsy etc... are all going to tank in stock prices. Last edited by Marcustt; 03-12-2021 at 03:35 PM.

03-11-2021, 12:56 AM	#351
Marcustt Member Join Date: Jun 2020 Posts: 50	Looks like it's still in the final bill... wish i knew for sure heh

03-11-2021, 01:12 AM	#352
chezball Member Join Date: Dec 2010 Location: North East Beatoff USA Posts: 21,679 jabber	At this rate, we won't know until 2023 when you get a 1099 or not.

03-11-2021, 02:30 PM	#353
byronscott4ever Member Join Date: Nov 2009 Posts: 11,377	Time to call up your Congressman to find out

03-11-2021, 02:52 PM	#355
NEOSportscards Member Join Date: Jun 2020 Posts: 107	so a day later and we still don't really know.

03-11-2021, 02:53 PM	#356
Marcustt Member Join Date: Jun 2020 Posts: 50	Senator John Thune United States Senate SD-511 Washington, DC 20510 Phone: (202) 224-2321 Fax: (202) 228-5429 Toll-Free: 1-866-850-3855

03-11-2021, 05:18 PM	#358
NEOSportscards Member Join Date: Jun 2020 Posts: 107	On the final version of the bill that was signed today Thune's amendment is still listed for what thats worth.

03-11-2021, 09:57 PM	#360
coltsnsox07 Member Join Date: Aug 2011 Posts: 22,152	I was reading about the tax cuts and hikes in the bill and got a chuckle when I read this.. "Many Senate Democrats were concerned that millions of unemployed people would be surprised to learn this tax season that they have to pay taxes on their jobless benefits. They pushed through an amendment to the coronavirus plan exempting the first $10,200 in assistance." What a country.

03-12-2021, 09:09 AM	#370
Fizroy Member Join Date: Nov 2020 Posts: 238	The congress.gov site is not very intuitive to me. But still tried to dig thru it and nothing that I saw shows the amendment was ever agreed upon. It was only proposed and it IS in the final bill. The amendment may still be there but according to the site... only proposed. Correct me if I'm wrong but the wording of striking the section does not appear anywhere.