Possible new tax law?

[Schlesinj]

From article "For those in the sharing economy, the issue is provisions that would dramatically reduce the threshold at which companies like eBay, GrubHub, Doordash and others would have to report to the IRS the earnings of people who use their platforms to make money. The users would also have to be given the information.

Currently, that’s only necessary when someone earns more than $20,000 through at least 200 transactions. Democrats would drop that to anyone earning more than $600, regardless of the number of transactions.

That’s projected to generate a lot of money — $8.4 billion over the next decade, according to an official forecast — because people are more likely to pay taxes on their earnings when they know someone else is telling the IRS how much they made."

[rats60]

I don't see what the issue is. If you are reporting sales/profits and paying tax, this is irrelevant. Only those that are not paying the tax that they should are going to be upset.

[Johnny630]

Originally Posted by rats60

I don't see what the issue is. If you are reporting sales/profits and paying tax, this is irrelevant. Only those that are not paying the tax that they should are going to be upset.

Exactly

[Republicaninmass]

I do report all, and had over the $ amount but "only" 197 transcations last year!

[Exhibitman]

Originally Posted by rats60

I don't see what the issue is. If you are reporting sales/profits and paying tax, this is irrelevant. Only those that are not paying the tax that they should are going to be upset.

Precisely! The doomsayers are just a bunch of tax cheats unhappy that they may not be able to free-ride on the rest of us anymore. Well on behalf of everyone who pays their taxes:



BTW, the $600 mark isn't chosen at random. It is already used as a floor for things like casual labor taxation.

[yanks12025]

Originally Posted by Exhibitman

Precisely! The doomsayers are just a bunch of tax cheats unhappy that they may not be able to free-ride on the rest of us anymore. Well on behalf of everyone who pays their taxes:



BTW, the $600 mark isn't chosen at random. It is already used as a floor for things like casual labor taxation.

MA changed to the $600 mark couple years back for things like ebay and stuff..

Just figured some members here would like to know about a possible change so they can keep better records of purchases and sales going forward.

[doug.goodman]

Originally Posted by yanks12025

MA changed to the $600 mark couple years back for things like ebay and stuff..

Just figured some members here would like to know about a possible change so they can keep better records of purchases and sales going forward.

MA has been $600 for as far back as (at least) the year 2000. That's the tear that a member of the MA Tax Commissioner's office sat in my office for 7 hours at the Warped tour show so that they could make sure that the 100 or so bands I was paying to play on the Warped tour that day were all compliant with their filings of MA state tax. Even though only the Bosstones and the Dropkick Murphy's were the only MA residents.

It's only in the last few years that they have realized that ebay sales were a similar "missed" tax stream, due to people not filing on their own, so they have started to crack down.

Doug

[nat]

Originally Posted by doug.goodman

the Dropkick Murphy's

I was waiting for a flight at Logan one day a few years ago, and was treated to a surprise DM's concert. They had rigged up their gear and were playing right there in the terminal.

[Casey2296]

Originally Posted by nat

I was waiting for a flight at Logan one day a few years ago, and was treated to a surprise DM's concert. They had rigged up their gear and were playing right there in the terminal.

If you had $601 of fun listening to them please pay your "enjoyment tax" as you exit to the left.

[doug.goodman]

Originally Posted by nat

I was waiting for a flight at Logan one day a few years ago, and was treated to a surprise DM's concert. They had rigged up their gear and were playing right there in the terminal.

Nice.

What a great band, and a really good bunch of guys.

[Fred]

So now it looks like this whole free-ride thing is coming to a close with ebay. I haven't sold a thing on fleabay for over a decade so I have no clue what it's been like. Even when I did sell things, I didn't sell much.


BUYERS TAXES
Ebay adds the local tax to the final sale (sans shipping). My local tax rate sucks, it's 8.75%. It sucks but the assumption is the correct local tax will go to the city I live in (well, at least that's the assumption). If a seller wants to pay the going rate/price for a card, do they include the sales tax in their consideration to buy the card? You know the buyer will always include the tax in the total cost of the card.


SELLER TAXES
Maybe that's why sellers seem to have crazy BIN prices. Perhaps those sellers have been paying their taxes all along and included their taxes as a cost of doing business. Just think, by the time a seller pays the fleabay fees and income taxes, that could account for 25% or more of the sale price.

So, is a seller supposed to absorb the loss and sell the goods for the going rate or does the seller add another 25% to the final sale price to cover all the fees and taxes? I figure if you're a seller you're going to want to collect the going rate for the card (after the fees and taxes have been paid out).


Now - do I give a crap. Not really. I figure I'll pay what I want for a card. Regarding sellers - well, time to belly up to the bar and pay the taxes on the business that allows you to receive income.

Hey Leon, when are does the BST start instituting the sales tax and income tax collections?

[Bobbycee]

Originally Posted by Exhibitman

Precisely! The doomsayers are just a bunch of tax cheats unhappy that they may not be able to free-ride on the rest of us anymore. Well on behalf of everyone who pays their taxes:



BTW, the $600 mark isn't chosen at random. It is already used as a floor for things like casual labor taxation.

Or, just maybe, some of us are way past tired for getting hit up again for more taxes. You ever think of that? I pay more than my fair share of taxes but am sick and tired of politicians of finding new ways to hit us up for more.

[Johnny630]

Originally Posted by Bobbycee

Or, just maybe, some of us are way past tired for getting hit up again for more taxes. You ever think of that? I pay more than my fair share of taxes but am sick and tired of politicians of finding new ways to hit us up for more.

I agree get ready for more they’re only going up.

Proceed with crying towel and wet floor signs about political references this is about baseball cards lol

Either way irregardless all sales had to be reported before anyways

[Exhibitman]

IT'S NOT MORE TAXES: IT IS THE SAME TAXES YOU ARE ALREADY OBLIGATED TO PAY UNDER CURRENT LAW!

Forgive me for shouting but this sort of false statement is so frustrating for me to read that it makes me see red. A change to a reporting threshold does not impose new taxes. You won't pay one red cent in taxes more than you already owe--but for some people it means that cheating on their taxes gets much harder because the IRS will be able to check the data you submit in your tax return against what eBay reports to it. That's it.

[commishbob]

Originally Posted by Exhibitman

IT'S NOT MORE TAXES: IT IS THE SAME TAXES YOU ARE ALREADY OBLIGATED TO PAY UNDER CURRENT LAW!

Forgive me for shouting but this sort of false statement is so frustrating for me to read that it makes me see red. A change to a reporting threshold does not impose new taxes. You won't pay one red cent in taxes more than you already owe--but for some people it means that cheating on their taxes gets much harder because the IRS will be able to check the data you submit in your tax return against what eBay reports to it. That's it.

Amen. Not sure how it gets twisted.

[toledo_mudhen]

Originally Posted by Johnny630

Either way irregardless all sales had to be reported before anyways

irregardless is not an actual word......

[orioles70]

Originally Posted by toledo_mudhen

irregardless is not an actual word......

Irregardless of what you believe...irregardless is a word

In both Merriam-Webster and Oxford dictionaries...also allowed in Scrabble

https://www.merriam-webster.com

irregardless

*adverb

ir·​re·​gard·​less*|*\*ˌir-i-ˈgärd-ləs**\

Definition of*irregardless

nonstandard

:*REGARDLESSI told them that*irregardless*of what you read in books, they's some members of the theatrical profession that occasionally visits the place where they sleep.— Ring Lardner

Frequently Asked Questions About*irregardless

Is*irregardless*a word?

Yes. It may not be a word that you like, or a word that you would use in a term paper, but*irregardless*certainly is a word. It has been in use for well over 200 years, employed by a large number of people across a wide geographic range and with a consistent meaning. That is why we, and well-nigh every other dictionary of modern English, define this word. Remember that a definition is not an endorsement of a word’s use.

Does*irregardless*mean the same thing as*regardless?

Yes. We define*irregardless*as "regardless." Many people find*irregardless*to be a nonsensical word, as the*ir- prefix usually functions to indicate negation; however, in this case it appears to function as an intensifier. Similar*ir- words, while rare, do exist in English, including*irremediless*("remediless"),*irresistless*("resistless") and*irrelentlessly*("relentlessly).

Is*irregardless*slang?

We label*irregardless*as “nonstandard” rather than “slang.” When a word is*nonstandard*it means it is “not conforming in pronunciation, grammatical construction, idiom, or word choice to the usage generally characteristic of educated native speakers of a language.”*Irregardless*is a long way from winning general acceptance as a standard English word. For that reason, it is best to use*regardless*instead.

First Known Use of*irregardless

1795, in the meaning defined*above

History and Etymology for*irregardless

probably blend of*irrespective*and*regardless



Sent from my SM-N950U using Tapatalk

[doug.goodman]

Originally Posted by Bobbycee

Or, just maybe, some of us are way past tired for getting hit up again for more taxes. You ever think of that? I pay more than my fair share of taxes but am sick and tired of politicians of finding new ways to hit us up for more.

You're not getting hit up again for more, you are getting hit up again for those that you already owe but evidently have not been paying.

Doug "pay your damn taxes and shut up about it" Goodman

[doug.goodman]

Originally Posted by Exhibitman

BTW, the $600 mark isn't chosen at random. It is already used as a floor for things like casual labor taxation.

Exactly.

If I hire somebody to help clean my house, or mow my lawn, I have to report what I pay them to the IRS as soon as that amount hits $600 during a calendar year.

Nobody actually does it, but technically that has been the law for a long time. It has nothing to do with Democrats and Republicans and Trumpers and non Trumpers.

[doug.goodman]

Originally Posted by Schlesinj

... Democrats would drop that to anyone earning more than $600, regardless of the number of transactions.

That’s projected to generate a lot of money — $8.4 billion over the next decade, according to an official forecast — because people are more likely to pay taxes on their earnings when they know someone else is telling the IRS how much they made."

Another way to state it would be "Democrats would have us follow the laws that are already on the books and stop everyone whether Democrat, Republican or other with failing to report income on which $8.4 billion in tax is due."