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New Federal Tax Laws for Small Business

serfserf Member Posts: 9,217 ✭✭✭✭
edited January 2022 in Politics

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.


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