They're going to squeeze every last freaking cent out of people, or at least try. I wonder if it is going to get to a point where this is met with armed response.
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Hunter used venmo A LOT, let's assume however that the IRS will ignore his crimes just like the FBI does.
There's two thoughts with this. And this might be a negative view here.
I do hate this, especially when we have criminals laundering our tax money. Those who have abused the system, against those of us who actually do things honestly, might have a really bad day when they've made lots of cash and haven't set aside anything to pay for the tax liability of it. I don't know that I feel bad for them though, since I've had to do that every year. Since I don't know how much I might make in a year (usually below the quarterly threshold), I have them take more than needed out, which sometimes means big refunds and other times means some additional payments.
Thanks fren. I don't make enough money to worry about any of that stuff, and besides, my family members are dying off and I don't really have too many friends, but this is still good to know.
It should be noted, as it's currently configured, this does not apply unless you've sent or received payment for services rendered... ie a business transaction.
For instance, I can send 1000 to my buddy or my wife and it doesn't apply. If my wife receives payment for her business through Venmo{or any 3rp party payment app}, then it does.
The problem I dislike about this is you have to let the third party know it wasn't for business purposes...
It'll just be a form of what my tax guy said.
It'll ask something along the lines of "have you used any 3rd party payment services for business transactions.? "
" If yes, did any transactions exceed $600?"
Of course, I know this is going to lead to what basically everyone is expecting happening.
But just don't use any apps like those. They shouldn't be trusted anyway
I don't use any of those services, but this is nice to know. Thanks.