Looks like the IRS are having second thoughts on the PayPal issue

1 year delay on implementation huh.
Gives us time to work on Loop-Holes. If not, I see some just UP & QUIT SELLING.
Gov keeps dreaming up all these new taxes yet
NO ONE barks back to start charging Politician's multiple
taxes. I have a rather long list of taxes that can be implemented.

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The original required date for the REAL ID drivers license was in 2020, after some extensions it’s now 2025. You’d think they’d think this stuff out first but that’s asking a lot of the government.
 
Thinking 'X' out for implementation is sorta easy for a one man shop, near impossible for the numbers in Congress.
Sounds rather backwards but quite possible ALL those heads are not thinking on one subject, like they should. So when time comes someone seems to pop up and ask, did anyone think of step 6? Silence... then more time is added.

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Floyd_M said:
1 year delay on implementation huh.
Gives us time to work on Loop-Holes. If not, I see some just UP & QUIT SELLING.
Gov keeps dreaming up all these new taxes yet
NO ONE barks back to start charging Politician's multiple
taxes. I have a rather long list of taxes that can be implemented.

.
Click to expand...

The driver for this is major corporations needing people to stay enslaved with their pittance of wage offers, instead of going to a gig economy.
 
Many of us closed our PP accounts anyway after what they tried to pull.

I am currently receiving payments for equipment I sold to the tune of $550/ payment.
Not sure if that's a workaround or if they will start pulling more crap. If they do, there needs to be a way to claim a loss on every piece of the original purchase price was greater than the sale price. It isn't profit and should not be taxed as such.
 
When the 1099-K forms came out in, subject to check, 2014, I was totally confused. All of my jobs from clients are paid to me via credit card through my merchant account. At the end of the year, my merchant account sends me and the IRS a 1099-K which has the totals of all charges made to me by credit cards.

The IRS did the same thing in 2014 and said we did not have to worry about mentioning the form 1099-K on our taxes that year, but that it would be required the next year.

The huge problem at that time was I was receiving a 1099-MISC from a client and the same income was mentioned ono the 1099-K to the IRS. Talk about double taxation! I did not claim the 1099-MISC on my taxes that year and just claimed the 1099-K, thinking I was okay. Wrong! I received a letter from the IRS thereafter saying I needed to explain where the 1099-MISC income was on my tax papers that was missing.

I called the IRS and explained the dilemma, and fortunate for me, I got a very nice lady on the phone and told me how to handle it. So I mentioned each 1099-MISC amounts and the one 1099-K amount, and then under something called "OTHER EXPENSES" where I claim deductions like merchant account fees, I put only the amounts of the 1099-MISC that are the same totals in the 1099-K there in OTHER EXPENSES as an expense so I am not taxed twice. Problem solved! Yay!

It is important to point out this: "Exclusions from gross income that are not subject to income tax, including amounts from selling personal items at a loss, amounts sent as reimbursements and amounts sent as gifts."

Interestingly, today the Federal Government quit sending out 1099-NECs, which replaced the 1099-MISC form, to people if they paid people like me by credit card. In fact, last year, I don't think I received any 1099-NECs from my private clients or the Federal Government. I like the 1099-K form. You just have to know how it works on tax forms. Like everything else associated with the IRS Tax Code, it's confusing as hell and doesn't seem to be getting any better. I just try to stay honest and fly under the IRS radar, but if I'm ever audited, I'll pass with flying colors. It's not nice to fool Mother Nature or the IRS.
 
it was not addressed in the new bill that passed so i dont think the irs can delay it by themselves. so be prepared

but if you keep some simple records it shouldnt be an issue. and actually you can decuct up to 3,000 in capital losses over what you made for the year. so if you sold cues for 3,000 and had paid 6,000 you could deduct 3000 from your other income.
 
JAM said:
It is important to point out this: "Exclusions from gross income that are not subject to income tax, including amounts from selling personal items at a loss, amounts sent as reimbursements and amounts sent as gifts."
Click to expand...
Curious how they will have us report these amounts, both ways. I sold approximately $15k worth of equipment before I moved. I don't have my original receipts for everything I sold. I hope it doesn't get messy.
 
Measure 114 here in Oregon the "gun safety" thing is the mother of all laws without existing mechanism to implement.

This is just par for the course.
 
JolietJames said:
Curious how they will have us report these amounts, both ways. I sold approximately $15k worth of equipment before I moved. I don't have my original receipts for everything I sold. I hope it doesn't get messy.
Click to expand...
Technically, if it was sold less than it was purchased, you don't have to worry about it, but if you get audited, they could reject the deduction.

I think this is geared more towards people in my industry who are hired as independent contractors. Court reporters, as an example, pay transcriptionists and other court reporters to cover their jobs. Many in the court reporting industry pay by PayPal. I have never, ever liked PayPal. If those who receive payments by PayPal did not receive a 1099-MISC (now 1099-NEC) from the court reporter for $600 and over, some did not claim that amount on their tax returns, and in essence, it was tax-free income. This is who the IRS is targeting, I think, more so than people selling equipment or selling items on eBay as an example.
 
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