January 1 could be interesting thanks to congress.

[Exhibitman]

Originally Posted by nwobhm

If it’s all just false BS then why was it lowered to $600?

Not saying you’re wrong… certainly not saying you’re right either. Whole lotta experts running their mouth yet it hasn’t happened yet.

Only way to know what will play out is watching it happen. When has trusting that .gov has nothing but honorable intentions played out well?

Just sayin’….

It wasn't just lowered. $600 has been the figure business reporting starts at for many years. The initial 1099 expansion was $20K. It has been phased in to eventually match the business threshold.

Don't get me wrong; I would rather they get rid of 1099s altogether. They are a PITA for my bookkeeper every January. They are not a reason to worry if you pay your taxes because all of the questions will flush out in the return.

[nwobhm]

Originally Posted by Exhibitman

It wasn't just lowered. $600 has been the figure business reporting starts at for many years. The initial 1099 expansion was $20K. It has been phased in to eventually match the business threshold.

Don't get me wrong; I would rather they get rid of 1099s altogether. They are a PITA for my bookkeeper every January. They are not a reason to worry if you pay your taxes because all of the questions will flush out in the return.

It was lowered from $20k to $600 to match businesses. Truth is it should have been raised on the business side up to $20k. Any move made by the IRS on reporting comes with intent. They want more $. Who’s $ is the question IMHO. A lot of $ moves between $600 and $20,000….

[BobC]

Originally Posted by nwobhm

It was lowered from $20k to $600 to match businesses. Truth is it should have been raised on the business side up to $20k. Any move made by the IRS on reporting comes with intent. They want more $. Who’s $ is the question IMHO. A lot of $ moves between $600 and $20,000….

Look at what I said in post #27. Had people not been using Paypal and other third-party payment platforms to pay people for services, and only just for goods they were buying, chances are the $20,000 and 200 transaction thresholds for reporting the sales/proceeds from goods sold would still be in place.