Does he not know that you can turn off autocomplete?
No, what the IRS wants is for CashApp, Paypal, Venmo, etc. to send a 1099 (secondary income form) to people who use those apps if they deposit $600 or more in a single transaction to a traditional bank account.
They are looking for (possible) unreported income or fraud. Google has nothing to do with it. (This doesn’t apply if you’re sending money back & forth to friends or family; they will only take notice if your numbers don’t match up at the end of the year).
I didn’t say Google had anything to do with.
But I have gotten a notice from my bank saying in the proposed rule change, they too would be flagging larger deposits. Maybe I miss read it, but yeah, I don’t like it either way. I get it, a lot of people have a side hustle they may not pay taxes on. But no one is getting rich off of side hustles. Let’s focus on the people moving MILLIONS through the financial system, and not come down on people selling Legos on ebay or something (though evidently, they are coming down on that, as I had a friend who let her BF use her Paypal account to sell stuff on ebay, and it came back that the IRS was taxing that. Not sure how that came to be, but it was a significant bill."
Agreed. The threshold should be higher than $600. Maybe $1,000? Those of means will always find a way around it.
Didn’t mean to derail the topic.
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