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Off Topic Off Topic - General non-Corvette related discussion. |
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11-17-2021, 12:15pm | #1 | ||||||
Chief Meat Gazer
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The 1099-K reporting requirement; PayPal, Venmo...
if you didn't already know about this:
The 1099-K reporting requirement was part of the American Rescue Plan Act of 2021 passed earlier this year by Congress and signed into law by the President. The effective date for these new changes is January 1, 2022. Summary, if you receive $600 in total payments during the year... via PayPal and others... these companies will send you a 1099. PayPal will freeze your account unless you provide them a federal TAX ID number or your SSN. https://www.wbrz.com/news/new-tax-ru...al-venmo-apps/ |
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11-17-2021, 2:48pm | #2 | ||||||
VB Dad of the Year
RDBM Barn Stall Owner #9 Barn Raising I,II NCM Supporter '11,'12,'13,'14,'15,'16,'17,'19,'20,'21 Bantayan Kids '13,'14,'15,'17 GTMS ‘18
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Time to extract my refund for shipping the wheels to me in Venmo and close the account. Let's Go Brandon!
Actually, he can blow me too. |
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11-17-2021, 2:51pm | #3 | ||||||
Chief Electrician
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11-17-2021, 3:06pm | #4 | ||||||
Barn Stall Owner #THX1138
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The Following 5 Users Say Thank You to ratflinger For This Useful Post: |
11-17-2021, 4:28pm | #5 | ||||||
Chief Electrician
Barn Stall Owner #7734 Bantayan Kids '15
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11-17-2021, 4:34pm | #6 |
Explosive Salami
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11-17-2021, 5:02pm | #7 | ||||||
A Real Barner
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11-17-2021, 5:23pm | #8 | ||||||
A Real Barner
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As you can probably guess I've never used it... Must be in the same box as my mobile phone and television LOL.
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11-17-2021, 7:01pm | #9 | ||||||
Bantayan Kids '13
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And idiot Biden says that the middle class won't have increased taxes.
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11-17-2021, 8:45pm | #10 | ||||||
Barn Raising II,III
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Let's go Brandon.
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11-17-2021, 9:41pm | #11 | ||||||
Vette Barn Crew
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It does stink. But, the States have been asking for a version of it for many years. And, if (only if) it forces the countless off-shore Asian sellers to pony up some taxes let it so be.
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11-17-2021, 10:46pm | #12 | ||||||
Barn Stall Owner #THX1138
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Read my lips - No new taxes!
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11-18-2021, 8:13am | #13 | ||||||
Chief Meat Gazer
Charter Member Barn Stall Owner #98 Barn Raising II,III,IV
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I read more on this, seems it's still up-in-the-air... and/or state specific.
Also, can't seem to determine if it's $600 or more total transactions in a year.... or every single transaction that goes over the $600 mark |
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