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  1. #1
    bcr229's Avatar
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    USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

    The COVID relief bill that passed in the US reduced the reporting threshold for the IRS 1099K from $20,000 and 200 transactions per year to $600 per year if you use an electronic payment system like PayPal. Even if you are just keeping and breeding as a hobby SAVE YOUR RECEIPTS so you can offset that 1099K with your expenses.

    https://www.twrblog.com/2021/03/amer...mis-threshold/

    https://www.ecommercebytes.com/C/abb...615153514.html

  2. The Following 2 Users Say Thank You to bcr229 For This Useful Post:

    Bogertophis (03-13-2021),KMG (06-03-2021)

  3. #2
    Registered User Spicey's Avatar
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    i worked for the irs for 10 years as a tax examiner and i still don't understand or like the organization.
    Always in Transition

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    303_enfield (03-14-2021),Bogertophis (03-13-2021)

  5. #3
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    Re: USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

    From the excerpt below I guess any previous year we are ok to continue to use paypal. I'm reading this a little late but thanks for the heads up.

    ++
    The new law replaces this two-step de minimis standard with a single $600 reporting threshold effective for 2022.
    ++

  6. #4
    BPnet Lifer KMG's Avatar
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    Good thing my household makes under $400k so I don't have to worry about another tax....


    This is garbage. My wife will sometimes sell clothes and accessories she is no longer using, enjoying, or needing. So stuff she.....or I......have already paid tax on can now be taxed if she recoups some money out of the items? Like I said.... GARBAGE!
    Last edited by Bogertophis; 06-03-2021 at 12:51 PM. Reason: This is not a forum for political rants, see TOS
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