MTFCA Forum

Yet a public backlash against the $600 reporting mandate spurred the IRS to postpone it for a year at the end of 2022. The IRS is now delaying it for another year and proposing to increase the threshold to $5,000 for tax year 2024.

that is GREAT news if it can be raised to a sense able amount.
My income will be low for another 12 months and ebay sales used to help me out alot and with all this tax stuff, i was afraid it would be to confusing for me to handle so I stopped selling. 5000 dollars in TODAYS money aint much. 10 years ago that was a good chunk of change. I think on average my ebays sales were never over 1500 or so a year,it was a little "play money for my Model T projects and what not

Ticketmaster has refused to give me $90 for tickets I sold over a year ago because I WILL NOT give them my SSN. They don’t care if the law has been posted. NEVER sell through Ticketmaster.

Another report today of hacked personal information, SS #s and so forth. Auto Zone? Why would they have anyone's SS?

TXGOAT2 wrote: ↑

Wed Nov 22, 2023 6:30 pm

Another report today of hacked personal information, SS #s and so forth. Auto Zone? Why would they have anyone's SS?

They have it for a credit card or account. Even if you had a card and cancelled it, it's probably still in their data base.

Auto Zone doesn’t have my personal information. No parts store does. If they ask for it, I leave the parts on the counter and walk out.

Could it be…?! The people spoke and the politicians listened…? Was this democracy in action…? Nah!!!! Simply a spineless crook avoiding raising taxes during an election year

I'm not real concerned about this I buy parts I think I need, either find better parts or decide I don't need them, then sell them @ a loss & hope
the IRS calls me out on it so I can makeup the loss. Once they go to a digital dollar then I don't have to keep the damn receipts. But then they
can tax us any time they want.
Craig.

Here are the details for IRS decisions https://www.irs.gov/newsroom/irs-announ ... ementation

S-2023-27, Nov. 2023
Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law.

Okay which "law" are they now talking about to phase in in 2025 the "$600" or the "$5,000" one

Any update on this?

tdump wrote: ↑

Fri Dec 29, 2023 6:25 pm

Any update on this?

The above link to the IRS site has not changed so the proposed delay is still in effect.
This site gives a better explanation of what 2023 & 2024 will be

https://www.drakesoftware.com/taxing-su ... threshold/

In a recent announcement, the Internal Revenue Service (IRS) has decided to delay the implementation of the new $600 Form 1099-K reporting threshold for third-party payment organizations. The decision to treat 2023 as a transition year comes in response to feedback from taxpayers, tax professionals, and payment processors. The IRS is also planning a phased-in approach, with a $5,000 threshold set for 2024 to gradually implement the reporting requirements introduced under the American Rescue Plan.
What's Changing in 2023

The initial plan was to enforce a $600 reporting threshold for Form 1099-K in 2023. However, due to concerns about potential confusion and to address feedback from various stakeholders, the IRS has decided to delay the implementation. This means that for the tax year 2023, payment apps and online marketplaces will only be required to send Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions.

thanks! I will try to sell a couple things on ebay in 2024 to help get me thru.

Just a bit off topic, fellas - there's a topic column for OT Darel !

Maybe that will bring back swap meets, where cash is king.

tdump wrote: ↑

Wed Nov 22, 2023 5:54 pm

that is GREAT news if it can be raised to a sense able amount.
My income will be low for another 12 months and ebay sales used to help me out alot and with all this tax stuff, i was afraid it would be to confusing for me to handle so I stopped selling. 5000 dollars in TODAYS money aint much. 10 years ago that was a good chunk of change. The news is really good. This revision comes as a relief to many. I'm just studying fintech solutions, using https://dashdevs.com/ for this. This is important for every project. If you are not good at this, then it is better to hire someone. Because I had problems with this for a long time. I think on average my ebays sales were never over 1500 or so a year,it was a little "play money for my Model T projects and what not

The main thing is that people do not remain silent!