Read this on another form today.
The Internal Revenue Service for the second year in a row is postponing the $600 threshold for reporting transactions on Form 1099-K, and begin to phase in a threshold of $5000 starting in 2024.
Has anyone else received the information?
It’s a TRAP!!!
I saw that they're postponing it. I did not see the $5000+ requirement for 2024.
First you have to win some money so for sure not going to help me
is that for sales on Ebay, Stubhub, etc?
The bigger issue is the the Corporate Transparency Act which goes into effect on 1 January 2024. The government has not provided any forms or online guidance on how to file. All businesses with less than 20 employees or less then 15,000,000.00 in sales are required to file. Failure to file will result in a daily fine of 500.00 per day. As the Act is written now any small business reguardless of how you are incorporated must file. My accountant has been in communication with our Congressmen and senators but he is not getting any real useful answers from them.
John the Garage Doorman
Weird how the IRS seems to be making decisions on what tax laws are enforced and which are not.
Arbitrarily modifying the law from $600 to $5,000, too.
Just weird.
I agree, isn't a law mandatory ?Originally Posted by 188Musky
It’s almost like Congress writes, sponsors and passes bad laws, then gives the IRS the power to interpret, modify, add to, or disregard them as they please.
Very peculiar.
Pay attention. Read my lips. I'll say it slowly. Repeat after me ....
T E R M L I M I T S
Ranting incoherently
It's all part of their plan, that $500 a day is gonna add up fast!
Yup and most people don’t even have a clue that they need to file. The law is the biggest anti small business law ever passed. I’m glad I don’t have to worry about it since I sold my business back in September.
John the Garage Doorman
Agreed! I'm thankful that my CPA has his finger on all this junk. There is zero media coverage of it including fox biz and cnbc.
File what? Small businesses have to file taxes now.
It’s not a tax not really sure what it is. They want a copy of your drivers license and there are even more crazy requirements . If anyone works for you and can sign contracts for the company you have to file for them also. Like I said before this is the most anti small business law ever written.
John the Garage Doorman
I can promise you they will have a fight on their hands. At least with me. I'm sure plenty of other small businesses will tell them to pound sand as well.
This all ends when we stop playing their game. I for one am very sick and tired of playing.
M
Sounds like they (government) is trying to fight money laundering. Nobody seems to know who owns all these LLCs. Used to obfuscate where money is coming from.
10% for the big guy.
Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
P01135809
Reply With Quote
