New Federal Tax Laws for Small Business
So they way I read it if you have over 600 dollars in total of revenue then all transactions will be reported to The IRS from credit cards etc... Big brother is now broke and needs all the taxes it can musterd!
I would think any Bitcoin gains or cryptocurrencies are being watched too! I wonder if they will get all those independent contractors with cash soon? Oh wait, not until the cashless society is instated later this year or so? You think?
Let’s suppose you’re a small business owner or freelancer, and you get paid from a digital payment service like PayPal, Venmo, Zelle, Cash App or any third-party settlement provider that’s accepting credit cards on your behalf and putting money into your bank account. If those payments were for goods and services that you sold to customers, it was previously up to you to make sure you were reporting that income on your tax return. But now, beginning in 2022, if you receive more than $600 in total during the course of the year – regardless of how many customers are paying – your payment service is required to report that amount to the IRS.
Cash will always be king.
Until it is banned, of course.
They aren't just hitting legitimate businesses;
IRS says income from stolen goods and illegal activities must be reported on taxes | Fox News
I somehow doubt the compliance rate for this will be very high, but it is how they finally got Al Capone. Bob
They tried that on Drug dealers with tax stamps on each ounce of marijuana in their possession.Now they are on the Cusp of making it a legal drug for recreational use. Greed before reason is always the downfall of any civilization.
Dont forget: The party in control now meaning DEMOCRAT believes all money is the property of the federal government and could care less about small business.
BTW: Dont blame me> I voted GOP
But remember this was passed under The Debt ceiling Bill in December 2021 after The Senate minority leader Mitch McConnell (R-KY) ALLOWED The filibuster rule to be changed by a simple majority in The Senate for This to happen.
All Republicans fall under this rule in this matter. Thus now all Business and individuals with any other forms of transfers with electronic money transfers are now reported to The IRS.
Total complete surveillance of all matters of money transfers except Cash money is mandatory.
from what I heard you sell one thing or make over 600.00 your a business now per big brother
Yep, and one day your garage sale sell off items will be taxed for All the debt the government that your congress has created. if you use any kind of electronic transfer, you can bet the government is watching it. The organized will always use the disorganized,
That day is close