The government wants to know EVERYTHING and I mean everything.
Not only do they want to track your vaccination status to allow you into public areas, but they also want to know who, how, and where your money is going.
Beginning on January 1, third-party payment services, such as PayPal, Venmo, Cash App, and Zelle that receive payments for goods and services totaling $600 or more must record such payments to the Internal Revenue Service (IRS).
So much for privacy, right?
Starting today the IRS will require Venmo, PayPal and Cash App to report ALL transactions of $600 or more. You thought this was squashed, NOPE. https://t.co/EHcDWawng3
— K Scott (@KScott21623546) January 5, 2022
The American Rescue Plan was pushed forward by the Democrats in 2021 without ONE Republican vote was able to modify the criteria in reporting money sent or received.
Certain transactions involving third-party payment platforms must be reported on 1099-K forms by the third-party payment platforms.
In prior years, if the users’ gross revenue from goods and service transactions exceeded $20,000 or if they had more than 200 such transactions in a calendar year, the applications were obliged to report to the Internal Revenue Service (IRS).
Users of payment applications may be forced to supply extra information as a result of the lower threshold being implemented. If the user’s Employer Identification Number (EIN), Individual Tax Identification Number (ITIN), or Social Security Number (SSN) is not already on file, the user may be prompted to give it.
Payments made between members of the same family or group of friends are exempt from the restriction.
According to a statement released by PayPal in November 2021, “This new Threshold Change is currently only for payments received for goods and services transactions, so this does not include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, or other similar transactions.”
Looks like we need to get back to good ole’ bartering and cash again, right?
So now my Paypal account is put on ice, and I use other means to pay. If certain Online stores take only Paypal, then we get to see how their business survives without my business, and business from others like me.
When the customer ceases to be king in a store, that store is dispensed with if and when it regains sanity.
Don have payapps on phone, Thankfully I avoid
Dont have payapps on phone
I was just getting ready to make a purchase through paypal when I saw this. That purchase won’t happen nor any other purchase until the law is changed, if it ever is.
I had PayPal for a while until they screwed me over. Stay away from them, because they are Democratic scumbags!
Correction: “They are DEMOCRAT scumbags”! There is nothing Democratic about them.
Take the house & senate back; Finish the wall; no $ or help of any kind or health care for illegal persons; English language only; teach US history and Constitution in schools; audit the Fed Reserve; no visas of any kind except merit visas, revert to back our $ with gold, cancel the security clearances for all Obama, Biden hold overs and RINO’s & get rid of them; voting with photo ID only, NO MAIL-IN voting, NO SAME DAY VOTING REGISTRATION AND VOTING; no doing any business with China; do not use dominion HAMMER computer and scorecard software in future voting; seize all bank accounts belonging or affiliated with George Soros’ Open Society Foundations; stop the resettlement of illegals around the USA; Do not get the VAX; Stop promoting CRT; This is my opinion.
Fully agree, and I would add:
Ban all political parties, everyone is an independent, no PAC or super PAC organizations allowed, Term limits for all of Congress, no exemptions to laws for Congress, no special perks or laws that apply only to Congress. Individual State Legislatures set salaries. No taxpayer funded benefits, no retirement packages, etc. Return Congress to the modestly paid, part time civic duty that was envisioned by our founding fathers. Specifically outlaw Socialism, Marxism, Communism in any public office or Education facility.