this post was submitted on 12 Dec 2023
1371 points (98.4% liked)
A Boring Dystopia
9550 readers
113 users here now
Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
If they do, for any transaction including personal, they are breaking tax laws so.. I really don’t think that’s the case at all..
I had the pleasure of teaching people about the 1099-k used to report that from a business standpoint (which anyone needing to report would be using). So while I don’t know a lot, I do know that specific thing about that specific form.
I’m not a tax professional, but this is literally the first tax season these companies are being subjected to the new rules, so erring on the side of caution makes sense for them, but ultimately if they report that based on personal transactions, they are violating IRS regulations, and no company wants to do that if they can avoid it.
Prior to that, the 1099-k rules were really wild, something like a minimum number of transactions plus a minimum amount of income through that specific source. It led to a lot of untraceable transactions in lieu of normal transactions and it was hard to follow up with, plus a lot of people who had no clue they needed to file the form. This is literally just their way of shoring up the rules to make it enforceable for them as an underfunded agency.