They define anything over $600 as super rich.
So I would report my payment to someone who I hired, instead of that person reporting it as income? Is this Russia or am I missing something?IRS warns Americans about $600 threshold to report Venmo, Cash App payments
Beginning this year, taxpayers need to prepare to report transactions exceeding $600 that are received through Venmo, PayPal and other cash apps to the IRS.www.foxbusiness.com
Meanwhile the Pentagon can't account for half it's assets, Biden is stonewalling oversight into Afghan aide, and no accounting into the billions sent to Ukraine but you damn sure better report that $600 you paid to have a repair done on your house. SMFH
It’s done that way now for businesses. If we pay someone over the $600 threshold we’re supposed to send them a 1099.
Yep. If you paid anyone $600 or more in the last year you are required by the IRS to provide that person with a 1099 which they must report as income and you must report to the government. While this has been law for a couple of years it hasn't been enforced as it's a ridiculous requirement to place on people. Of course this places another burden on the middle class and opens them up having the IRS auditing them over some BS amount of money. Remember those 87K IRS agents Democrats want hired? guess what they are going to be doing?
If you paid him $25 a week for 6 months, adding up to $600 total, you are required to report it.
It's an accounting pain in the ass for those of us with rental properties. I haven't checked but I will need to send out probably 25 to 30 1099s this year to keep the IRS off my ass. Why it's my responsibility to collect tax payer information and report other people's income is beyond ridiculous.
It's bc people- like you (the herd)won't stand up to the USA Federal (and state) cartel - just look at the state of Tx REPUBLICAN led state cartel out of Austin- pretty much out of $1400 rental $400 of that goes to the state cartel they call property tax and say it's your duty to pay- - landlords having to collect for Johnny mafia Gubmint- pure theft
