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IRS wants cut of internet sales topping $600 or more per year


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Nuggets, metal detectors, coils, mining equipment etc. etc. 

The new law was tucked in to the voluminous American Rescue Plan that Congress passed last year while supplying the nation with financial relief during the covid pandemic.

https://triblive.com/local/valley-news-dispatch/irs-wants-cut-of-internet-sales-topping-600-or-more-per-year/

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2 hours ago, Dakota Slim said:

Nuggets, metal detectors, coils, mining equipment etc. etc. 

Only PROFITS on sales are taxable. 

So you can sell as many metal detectors as you want to sell. As long as there is no PROFIT you don't pay taxes. 

It wouldn't be a concern at all for personal sales of mining equipment or metal detectors. Only when you start turning a PROFIT would you owe tax 

If you make money you are supposed to pay taxes on it. The only people who will be affected are those who are making money and not paying taxes on it. 

My business pays taxes. Why shouldn't internet business?

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So, up until last yer, an internet business owner never had to pay taxes?  Someone with an E-Bay store never had to pay taxes?

Something tells me that’s not true.  I think they were supposed to pay, but never did.

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I’m not sure that the tax is aimed at just “businesses”  the way I understand it, financial institutions like banks/credit unions/ paypal etc. will be required to report to the IRS…  ANY transaction of $600 or more…. Hence the “need” to hire an additional 80,000 new IRS auditors….

“LETS GO BRANDON”!!!!

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80,000 new auditors! Seems like the IRS is going planning to be the new gestapo with their 4,500 guns including automatic weapons and 5 million rounds of ammunition. Is all this needed to collect taxes from us?

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55 minutes ago, middleforkminer2 said:

I’m not sure that the tax is aimed at just “businesses”  the way I understand it, financial institutions like banks/credit unions/ paypal etc. will be required to report to the IRS…  ANY transaction of $600 or more…. Hence the “need” to hire an additional 80,000 new IRS auditors….

It's not ANY transaction, the IRS will be notified if a total of ALL transactions is $600 or more.
It's a pain in the ass for all the financial institutions plus those lucky people who will get audited.
I know they planned to add over 80,000 new IRS workers. Not sure if that passed.

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You guys seem to not know what "taxable income" means.

Regardless of your internet sales you don't have to pay any more taxes than you owed before.

You are whining about a situation that just does not exist. But then that is what you do all the time.

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5 hours ago, chrisski said:

So, up until last yer, an internet business owner never had to pay taxes?  Someone with an E-Bay store never had to pay taxes?

Something tells me that’s not true.  I think they were supposed to pay, but never did.

This is exactly the case.

The only thing that has changed is it will be harder to cheat.

If you are honest about your income there will be no difference at all.

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2 hours ago, Beeper Bob said:

80,000 new auditors! Seems like the IRS is going planning to be the new gestapo with their 4,500 guns including automatic weapons and 5 million rounds of ammunition. Is all this needed to collect taxes from us?

4500 guns and 80,000 new agents?

You do the math on that and get back to us.

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2 hours ago, Dakota Slim said:

It's not ANY transaction, the IRS will be notified if a total of ALL transactions is $600 or more.
It's a pain in the ass for all the financial institutions plus those lucky people who will get audited.
I know they planned to add over 80,000 new IRS workers. Not sure if that passed.

More fantasy. This is just not how the new rule works. 

But feel free to pretend if that's what butters your noodles. 

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3 hours ago, Bedrock Bob said:

You guys seem to not know what "taxable income" means.

Regardless of your internet sales you don't have to pay any more taxes than you owed before.

You are whining about a situation that just does not exist. But then that is what you do all the time.

I think we all have a pretty good grasp on what taxable income is…. 

You keep saying “internet”….and THAT is only a small portion of what’s coming….I had the state of Ca. Coming after me a couple years ago because my taxable income had been below what’s required for filing…BUT they were wanting me to PROVE my income had dropped that much… it didn’t meet their “PROJECTIONS”… ended up having to file both federal and state income tax forms even though I fell well below the required amount….. BEFORE  any deductions…

Maybe if the govt. would stop spending money on stupid stuff they wouldn’t need as much as they currently think they do…seriously, have you ever read parts of the spending bills???? 5,593 pages…. I think the last one had provisions for a study on the effects of transgenderism on Pakistani society…$25 million IIRC…. How much fraud during Covid??? Did the Kennedy Center for performing arts really need the money they took???  The govt is not here to help you Bob….

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8 hours ago, Bedrock Bob said:

You guys seem to not know what "taxable income" means.

Regardless of your internet sales you don't have to pay any more taxes than you owed before.

You are whining about a situation that just does not exist. But then that is what you do all the time.

I think we’re worried about the paper trail needed to show the 1000 collected on eBay and what the actual profit or loss made.  No paperwork kept, does that mean you it’s all taxable?  That record keeping sure is a pain.

Now how about the guy collecting the office pool for the lottery or the super bowl squares?  These easily go over $600.  Maybe not in one week, but over several.

Is this what these new IRS agents are targeting?  I’m not sure.  I’m not an IRS or Dept of treasury employee nor am i an accountant, lawyered, financial advisor or any other professional.  To me it sure does look like it.

In fact it seems they are not after the 5% ers.  Seems like they’re after the normal Joe’s.  Could it be because there is that much being hidden?

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1 hour ago, chrisski said:

I think we’re worried about the paper trail needed to show the 1000 collected on eBay and what the actual profit or loss made.  No paperwork kept, does that mean you it’s all taxable?  

In fact it seems they are not after the 5% ers.  Seems like they’re after the normal Joe’s.  Could it be because there is that much being hidden?

It gives big brother the ability to bring malcontents to heel….regardless of whether they’re an ordinary Joe or Donald Trump….

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12 hours ago, middleforkminer2 said:

It gives big brother the ability to bring malcontents to heel….regardless of whether they’re an ordinary Joe or Donald Trump….

Actually it allows them to collect taxes on internet sales.

You guys are as full of political stuffing as a Donald Trump turkey (which is actually just an old chicken that you insist is a turkey).

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1 hour ago, Bedrock Bob said:

Actually it allows them to collect taxes on internet sales.

You guys are as full of political stuffing as a Donald Trump turkey (which is actually just an old chicken that you insist is a turkey).

Taxes are already paid/collected on internet sales…. Legitimate businesses have to do this because it’s already part of the tax code… ordinary Joe??? No…

 What would you say about somebody who has 5 or 6 old cars sitting in his barn and he decides to list them on ebay….say they fetch 80k…..who pays taxes? How much? Should the seller be required to file those transactions as income???  Believe it or not, there’s talk about taxing people for personal property they own…kinda like yearly property taxes except for jewelry, paintings, collections etc…

spin it Jen….

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1 minute ago, middleforkminer2 said:

Taxes are already paid/collected on internet sales…. Legitimate businesses have to do this because it’s already part of the tax code… ordinary Joe??? No…

 What would you say about somebody who has 5 or 6 old cars sitting in his barn and he decides to list them on ebay….say they fetch 80k…..who pays taxes? How much? Should the seller be required to file those transactions as income???  Believe it or not, there’s talk about taxing people for personal property they own…kinda like yearly property taxes except for jewelry, paintings, collections etc…

spin it Jen….

You spin it well enough Sheila.

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What about gold???  Should big brother be allowed to stand there with his hand out if I happen to stumble across a deposit that kicks out a few ounces….if that’s the case, I should be able to deduct all of my expenses incurred in looking for it….even if I don’t find any…. JMHO

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2 hours ago, middleforkminer2 said:

What about gold???  Should big brother be allowed to stand there with his hand out if I happen to stumble across a deposit that kicks out a few ounces….if that’s the case, I should be able to deduct all of my expenses incurred in looking for it….even if I don’t find any…. JMHO

Herein lies the rub. By establishing a paper trail with this new $600 law, the IRS can audit anyone who pops up in the recipient category. They could audit you without that paper trail, but having that paper trail gives the IRS a new way to identify those who may be failing to pay taxes. 
It opens up a can of worms for the millions of people who receive over $600 in a year.

https://www.google.com/search?q=irs+rules%2C+what+constitutes+a+business%2C+%24400&rlz=1C1CHBF_enUS909US909&oq=irs+&aqs=chrome.0.69i59l3j69i65l2j69i60j69i65j69i60.8472j0j7&sourceid=chrome&ie=UTF-8 

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1 hour ago, Dakota Slim said:

Herein lies the rub. By establishing a paper trail with this new $600 law, the IRS can audit anyone who pops up in the recipient category. They could audit you without that paper trail, but having that paper trail gives the IRS a new way to identify those who may be failing to pay taxes. 

I’ve heard rumors…:shhhhh:…that there are gold buyers who’ll pay 80% spot price for placer gold….no I.D., no checks, no electronic transfer…. But CASH 💰….. probably just rumors though…. :25r30wi:

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48 minutes ago, middleforkminer2 said:

When the govt. starts prosecuting the corner drug dealer for tax evasion, I’ll be all in….

And all the stolen goods.... and the hookers.
AND, lots of people (including Brandon) use S Corporations to avoid paying taxes social security.
And then there's those who launder big money in the Cayman Islands. Jeffrey Epstein knew all about that. I bet his girlfriend what's her name does too. 

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