I received this link from PayPal about the IRS today.

garczar said:
Just curious here but do people feel they don't have to consider G&S income taxable? How else is this process to be handled? The IRS is the one making the calls, PP is just covering their ass. Not taking either side but am curious as why people are mad about this. The explanation in that link is pretty clear.
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Because I run all of my cue business through a separate bank account and claim it all on my tax return. That's my job as a citizen.

Send me a 1099, fine. But start withholding from me for the IRS and you can kiss my hairy ass. And even if were to run tax fraud that's between me, my conscience and the IRS but none of paypal's business. A 1099 will report all sides of the equation without withholdings. But the IRS wants brown shirts to volunteer and Paypal seems more than happy to do it.

That's why
 
ideologist said:
Ok boomers, go ask the president and administration in 2019 why they started this

It's not PayPal doing it, but they are following tax code
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1099's have been around since the early 1900's.

They are doing it because people are not paying their fair share of taxes, this is another way of ensuring that happens. Again, I am not agreeing with it, I just know the rules.
 
Chili Palmer said:
1099's have been around since the early 1900's.

They are doing it because people are not paying their fair share of taxes, this is another way of ensuring that happens. Again, I am not agreeing with it, I just know the rules.
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Specifically aimed at crushing gig workers
 
ideologist said:
Specifically aimed at crushing gig workers
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Technically, all employers had to file them, that's how they reported employees wages (I believe that's when that started). Overtime they moved to the W4/W2 setup. Now, they are being used because, again, people refuse to pay their fair share of taxes. So, if gig workers are the ones not paying their taxes then yes, it is aimed at collecting said taxes.

If you sell something and make money, you are required to pay taxes on the gains.

If you sell something and lose money, you can use those losses to offset other gains (there are limitation to this - which I do NOT agree with).

And I feel like I need to say this again - I'm not agreeing with it, just having a conversation ;)
 
Coos Cues said:
Because I run all of my cue business through a separate bank account and claim it all on my tax return. That's my job as a citizen.

Send me a 1099, fine. But start withholding from me for the IRS and you can kiss my hairy ass. And even if were to run tax fraud that's between me, my conscience and the IRS but none of paypal's business. A 1099 will report all sides of the equation without withholdings. But the IRS wants brown shirts to volunteer and Paypal seems more than happy to do it.

That's why
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It appears that if you give them your tax information they will not withhold backup withholdings?

Honestly, this puts a lot of onus on P/P and gives them more exposure to issues but, they are apparently required to do it.

The funny part is attorney's fees and rents are included in the list of payments that could be subject to backup withholding, LOL. Maybe I'll start shorting my rent payment and send that 24% to the IRS :ROFLMAO:
 
Chili Palmer said:
1099's have been around since the early 1900's.

They are doing it because people are not paying their fair share of taxes, this is another way of ensuring that happens. Again, I am not agreeing with it, I just know the rules.
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Quite possibly the IRS feels people are not paying their fair share of taxes because the government is so damn good at squandering any money they get.
 
jayman said:
What?? financing foreign wars the entire UN and millions hotel rooms for Illegal invaders at a cost of countless billions. Why Whatever do you mean?
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I left you a laughing face but it really aint funny, those people need to be reigned in somehow. Don't forget about the $1K credit cards and iPhones for the invaders.
 
The gubment is tired of folks not giving them their tribute, big news…is it a coincidence that all this has become more prevalent in the last few years when it seems more and more online gambling sites are popping up. Maybe they all got bored setting home during Covid and thought of the next shit show to throw the gen pops way. Obviously the very long term plan is to do away with all physical money to the point no one has control over their finances. No matter what generation anyone is, one day everyone will be fd…

🙋🏼 does not have a problem sending or receiving cash 😎
 
jayman said:
What?? financing foreign wars, the entire UN and millions of hotel rooms for Illegal invaders at a cost of countless billions. Why Whatever do you mean?
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Money is no object/When its not yours.
I think that's what every Politician should have as a Epitaph
 
gerard soriano said:
Just the beginning my friend. The (Machine) is insatiable it will not get any better
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Remember the gold standard..... Now we'll have the "digital dollar" Which will be nice, Gold is so heavy. I for one am glad the Chinese are buying all the gold. Suckers! there so behind the times.
 
ideologist said:
Ok boomers
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That's the 2nd time today that I have seen this comment in a thread. Is it supposed to be an insult? Maybe I'm too old to understand...I believe that we get wiser with age...Maybe that statement is an admission of youthful ignorance. Yea, I like that...
 
Chili Palmer said:
1099's have been around since the early 1900's.

They are doing it because people are not paying their fair share of taxes, this is another way of ensuring that happens. Again, I am not agreeing with it, I just know the rules.
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I agree, but it seems strong-handed. The good news, for now, we can just choose not to use PP.
 
For those anit-gubment people posting - russia is always looking for some conscripts - feel free to leave the country you hate so much. Put your money where your mouth is.
 
shooter_Hans said:
That is on the tournament director. Not having a SS# is on the player but the correct forms have to be given to the player from tournament director, while they have to send the information to the IRS too.

SS# isn't a problem if they are out of the country players. They can always apply for an ITIN# and send it to the tournament director or whoever is in charge of this.
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This is true, BUT if the ITIN is not received before the tournament results, the TD holds back some funds. I've seen this happen at two different major pool events. These things must be gotten BEFOREHAND and not after. As most know, though, pool players are sometimes negligent in this department. ;)
 
As an aside, I have a full-blown merchant account for my business. I was receiving 1099-K's long before PayPal, Venmo, and Zelle joined in the fray.

Like IRS is doing with PayPal now, the IRS did not require me to file the 1099-K the first few years it came out. Personally, I like the 1099-K. All my clients payment by credit card, and the 1099-K helps me do my taxes.

The problem came when the clients who paid me by credit card actually sent me a 1099-MISC (pre-1099-NEC) for the same amount that was on my 1099-K. I did not know how to handle it at the time. It was like double taxation.

I called the IRS, and much to my surprise, I talked to a human, not a bot or a recording, who was very informative. And here's how to handle it.

TIP: If you receive 1099-NEC that has the same income as the 1099-K, you can list that income on Part V, Other Expenses, on the Schedule C so that you are not taxed twice on the same income.

By the way, I do not receive 1099-NECs anymore from my Federal Government clientes who pay me by credit card.
 
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