CBS MoneyWatch IRS will delay requirement to report $600 in gig work on taxes

The IRS said it is delaying a controversial requirement by one year that would have led to more online sellers and gig workers having income reported to the nation's tax agency.

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And apparently they will fix it next year to make the number higher. Joe Manchin actually did something productive. I'm still in shock

@MisterBill wrote:

And apparently they will fix it next year to make the number higher. Joe Manchin actually did something productive. I'm still in shock

They never should have changed it. It's a tax on the poor and middle class.

Uh....since when is reporting income a tax on the poor and middle class?

There ARE such taxes...like sales tax on food. Highly regressive.

@ceasesmith wrote:

Uh....since when is reporting income a tax on the poor and middle class?

There ARE such taxes...like sales tax on food. Highly regressive.

It is going to complicate reporting for many low income businesses. It will cost them more money to report this information.

@johnb974 wrote:

@ceasesmith wrote:

Uh....since when is reporting income a tax on the poor and middle class?

There ARE such taxes...like sales tax on food. Highly regressive.

It is going to complicate reporting for many low income businesses. It will cost them more money to report this information.

How? You just file your taxes, like always. There's nothing new about this. It's just cutting out the rampant cheating a lot of gig work companies were engaging in.

what was the purpose for the rule change in the first place.

May I kindly suggest that some folks read current news (in depth) before making uninformed comments? Seek to understand policies, their impact on you and others in society. Without this complete understanding how can you make an educated decision on representation?

Be careful where you get your information, the bias it may contain, how the source is funded, and understand how to separate opinion from fact. It's not helpful using media headlines as comprehensive data sources.

Seek the unvarnished truth!

I have to ask who are they targeting and why? This does not affect the rich or corporations.

The target is anyone who has failed to report taxable income.

Just as it is as illegal for a rich person to sleep on the street as it is for a poor person, it's just as illegal for a rich person to evade taxes as it is for us not-so-wealthy.

@ceasesmith wrote:

The target is anyone who has failed to report taxable income.

Just as it is as illegal for a rich person to sleep on the street as it is for a poor person, it's just as illegal for a rich person to evade taxes as it is for us not-so-wealthy.

The biggest cheats are the rich and corporations who hire accountants and lawyers. This is just a burden on people like us.

John, I just gotta agree with you.

Just be sure you remember the difference between the totally legal "tax avoidance" and the illegal "tax evasion".

Edited 1 time(s). Last edit at 12/25/2022 07:18AM by ceasesmith.

John:

The people who are affected are people who resell their old stuff as well as small businesses that make under $20,000 a year. So basically they're going to go after hair stylist, barbers, bartenders, waitresses and gig economy workers like you and me. Not really sure why Brandon went after the low and middle class, but when you pass so much stimulus you need to get it funded from somewhere. Also, who do you think they're going to audit...billionaires with expensive lawyers or low hanging fruit that can't put up a resistance? But then again, this is what people get when they select someone with their heart instead of logic (policy).

I encourage individuals to read, in detail, what goes on in the world around you.

Buffoons.

@maverick1 wrote:

John:

The people who are affected are people who resell their old stuff as well as small businesses that make under $20,000 a year. So basically they're going to go after hair stylist, barbers, bartenders, waitresses and gig economy workers like you and me. Not really sure why Brandon went after the low and middle class, but when you pass so much stimulus you need to get it funded from somewhere. Also, who do you think they're going to audit...billionaires with expensive lawyers or low hanging fruit that can't put up a resistance? But then again, this is what people get when they select someone with their heart instead of logic (policy).

I encourage individuals to read, in detail, what goes on in the world around you.

Because voting for a tax cheat is good idea?

FWIW I have no issues with paying my taxes. It's called being a good citizen. Try it sometime.

Let me demonstrate something another way with a very simple example...

If an individual buys a car and KEEPS it for ten years (never sells the car), the TOTAL tax revenue is $2,500.

If an individual buys a car for one year and then sells it, and this continues to be resold for ten years, the TOTAL tax revenue is $11,250.

If the original owner donated the vehicle, they might be able to claim a tax deduction / credit and thus paid LESS than $2,500.

All of these different scenarios generate significantly different tax revenue results for the same car.

No one is "cheating." It's a matter of tax POLICY.

Year / Value of car / Tax (5%)
1 $50,000 $2,500
2 $40,000 $2,000
3 $30,000 $1,500
4 $25,000 $1,250
5 $20,000 $1,000
6 $20,000 $1,000
7 $15,000 $750
8 $15,000 $750
9 $10,000 $500
10 $0 $0

Total Tax Revenue $11,250

what was that?

Nothing to see here @mystery2me...

Math is just a "mystery2U" Confusing "to" and "2"

[I couldn't resist LOL]

@mystery2me wrote:

what was that?

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CBS MoneyWatch IRS will delay requirement to report $600 in gig work on taxes

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