The IRS is no better than the mob. Better file your **** correctly or they will come to bust your kneecaps.
I understand they are looking at a 10k limit sometime next year so all systems go. I never thought for a minute the $600 limit would ever have a chance of happening at all.
Link didn't work for me. So they pushed the $600 cap back to 2023? So what is the limit for this year?
IRS delays $600 income reporting rule for U.S. gig workers Since it is a "delay" of the new rule, I would suspect the old rule will still apply ($20k IIRC).
The key point is that the money was given with no binding rules on how to use it. So articles like this are just the author's hopes.
As opposed to raging paranoia about restoring funding to the agency. I'll go ahead and give more weight to the Forbes guy, thanks anyhow.
Think again, many states already have it. Don't get me wrong, I think it's absurd, but that doesn't mean it won't happen.
No chance especially with current economic climate as they said today that it will end up between 10k up to 20k
I hear you. I basically quit selling when I hit the $600 limit this year. Have no idea what to do about next year.
I'm considering the spreadsheet I kept this year as a test drive for next year (if ever). It was still worthwhile for me to do, I found out I actually wasn't making as much as I thought.
Since I have all the invoices printed out and inserted chronologically into a binder, I may as well (also) complete the spreadsheet as well and see just what the net sales totals are against shipping and associated fees.
This looks like a really big win for the lobbyists. Money well spent for Ebay/Amazon/Paypal/Venmo etc....
But get this, just because the rule has been delayed, does not mean that you cannot get the 1099k anyway. PayPal could just issue it anyway and say that we were already set up to send them out, so here is yours!
By delaying the rule at the very last minute (quite intentional), everyone who was going to comply for tax year 2022 already had. But that wasn’t the point. The IRS commissioner would have you believe that they were responding to “a number of concerns regarding the timeline of implementation” and acted at the last minute to remove the burden of platforms to issue 1099’s out of a sense of fairness. However, there were plenty of complaints forwarded to the IRS just before and early in the 2022 tax year. They could have easily acted very early on and prevented the shrinkage of the gig economy. Why didn’t they? Just a thought but is this more about the supply and demand of labor than it is taxation? Is this about reversing the trend of platforms facilitating gig work which results in diverting workers from the traditional contract work and reshapes the entire economy? Is this perhaps about buying time for government to decide what regulations they will create for or against workers and platforms? The shortage of workers means the economy has to be kept at an artificially low growth rate. Forcing workers to seek traditional employment adds workers to the workforce. Consider the available options to cause a movement of workers from gig side hustles to “legitimate traditional contract” work. For me, this is simply an attempt to break up the influence the gig economy is having on the “standard employment relationships”. All the work that unions, labor and business have done over the years to create a “stable, socially protected, dependent, full time job” economy is being eroded. The wild card is the flexibility gig work provides in both a good way and a bad way. And consider the negative effect the expansion of the gig economy has on social programs like social security and Medicare, welfare and every agency of the government. This is worth reading… The Impact of the Gig Economy | OpenMind
