Explanation please.

[Sako man]

Last I heard that was thrown out.

Nope, snuck in via this last spending bill. As far as I know it's back on.

Tips for Taxes 2022

Here are some helpful tips for filing your 2022 taxes, including how to speed things up.

grow.acorns.com

So if your business depends on those services, like anyone selling goods online for example, then you will get a 1099 for all transactions over $600.

 

[Maggot]

Nope, snuck in via this last spending bill. As far as I know it's back on.

FJB

 

[HeavyAssault]

Nah...You need to double check your newspaper. That $600 reporting was dropped. Now MAYBE those businesses are going to do it anyway.

Banks pleased IRS reporting proposal out of budget for now

MURRAY – Leaders at several local banks said Monday that efforts from community banks and their customers across the country are likely responsible for – at least, for now –

www.murrayledger.com

IRS Reporting Legislation Information and Updates - Franklin Savings Bank

Everything you need to know regarding the Proposed IRS Reporting Legislation | Franklin Savings Bank | New Hampshire.

www.fsbnh.bank

Proposed IRS reporting threshold increased; Bankers still don’t like it > Spokane Journal of Business

www.spokanejournal.com

 

[Sako man]

Nah...You need to double check your newspaper. That $600 reporting was dropped. Now MAYBE those businesses are going to do it anyway.

Banks pleased IRS reporting proposal out of budget for now

MURRAY – Leaders at several local banks said Monday that efforts from community banks and their customers across the country are likely responsible for – at least, for now –

www.murrayledger.com

IRS Reporting Legislation Information and Updates - Franklin Savings Bank

Everything you need to know regarding the Proposed IRS Reporting Legislation | Franklin Savings Bank | New Hampshire.

www.fsbnh.bank

Proposed IRS reporting threshold increased; Bankers still don’t like it > Spokane Journal of Business

www.spokanejournal.com

Dropped for banks, not payment apps. PayPal, CashApp, Zelle, ApplePay, it's in effect for those applications and maybe others. They are working with uncle sam to do this. The previous legislations was written so banks have to report, banks didn't like that as a lot of people complained. But the apps are going to do it. Another reason to drop those apps.

 

[HeavyAssault]

Dropped for banks, not payment apps. PayPal, CashApp, Zelle, ApplePay, it's in effect for those applications and maybe others. They are working with uncle sam to do this. The previous legislations was written so banks have to report, banks didn't like that as a lot of people complained. But the apps are going to do it. Another reason to drop those apps.

If you can provide a link to the law that was passed that shows the Apps are going to report the $600 I would like to read it.

Link the law...not some news story. I'd appreciate it.

 

[Sako man]

If you can provide a link to the law that was passed that shows the Apps are going to report the $600 I would like to read it.

Link the law...not some news story. I'd appreciate it.

Gotcha, All I see are articles, lame see if PayPal sent me anything. Ironically this was passed through the American Rescue Plan, it's anything but.

This is from PayPay website, so it may not be law ratified, it might be PayPal and the like just going along with the orders.

New U.S. Tax Reporting Requirements: Your Questions Answered

How these new tax reporting changes may impact you when paying or accepting payments with PayPal and Venmo for goods and services.

newsroom.paypal-corp.com

I will look for the ratified laws. Perhaps they are doing this without a passed law?

 

[HeavyAssault]

Actually I think you might be correct. It's just the way they word things that makes reading it difficult.

SEC. 9674. MODIFICATION OF EXCEPTIONS FOR REPORTING OF THIRD PARTY NETWORK TRANSACTIONS. (a) IN GENERAL.—Section 6050W(e) of the Internal Revenue Code of 1986 is amended to read as follows: ‘‘(e) DEMINIMIS EXCEPTION FOR THIRD PARTY SETTLEMENT ORGANIZATIONS.—A third party settlement organization shall not be required to report any information under subsection (a) with respect to third party network transactions of any participating payee if the amount which would otherwise be reported under subsection (a)(2) with respect to such transactions does not exceed $600.’’. (b) CLARIFICATION THAT REPORTING IS NOT REQUIRED ON TRANSACTIONS WHICH ARE NOT FOR GOODS OR SERVICES.—Section 6050W(c)(3) of such Code is amended by inserting ‘‘described in subsection (d)(3)(A)(iii)’’ after ‘‘any transaction’’. (c) EFFECTIVE DATE.— (1) IN GENERAL.—The amendment made by subsection (a) shall apply to returns for calendar years beginning after December 31, 2021. (2) CLARIFICATION.—The amendment made by subsection (b) shall apply to transactions after the date of the enactment of this Act.