The hits just keep on coming.
I'm sure many of you have heard of the new reporting rules for Cash apps. Things like Zelle, PayPall, CashApp, etc, now have to post a 1099 for any account with more that 600 dollars per year of credit transactions. 50 dollars a month. Do you realize how little money that is?
So, imagine you are a vendor with a few clients. You've traditionally used Zelle to recieve payment. Easy, convinient and nearly immediate. At the end of the year, your clients issue a 1099. Well, now you and/or your accountant will get another 1099 from Zelle that will hopfully match the multiple 1099's you've gotten from your clients. It probably won't, so get ready to justify all that extra money to the IRS. Meanwhile, Zelle now has to create and maintain a whole new data base to track all of these millions, perhaps bilions of transactions and then accurately report them to you by Feb and the IRS by March of each year. That extra month gives you time to reconcile any difference between your recievable account and your clients payables. And there will be differences.
That's just one of dozens of scenarios. And Gramma better start sending cash in cards again or little Jimmy might get audited for his 12th birthday and lets not even talk about his high school graduation.
The first casualty of this genius move will be the cash apps themselves as people start using other means to handle transactions. Of course, in an environment that continues to add overhead to operating expenses, this will be one more straw, or nail, or whatever you prefer to countless small businesses, or anyone who uses a cash app.
But we'll sure start getting those billionnaires to pay their fair share with this. No more sneaking around those 600 dollar transactions. Added bonus. This will help justify and finance the massive expansion to the IRS.
Such a wonderful country we're creating as we "Build Back Better".
The inevtable audit will become the new obligatory "financial vaccine" with yearly "boosters", of course. It's for the economic "health" of the country and its citizens. Southern border crossers exempt, of course. They're just our "guests".
Will be watching today as the NYS Senate votes on assorted covid bills, including one that makes it legal for the governor, or her designees, to incarcerate people deemed "a threat to public health"..
only to be followed by a dumber move with this mornings speech. I listened as most Americans should have. It was a non sensible wondering hate filled screech and for what purpose? I do not get it. To call out 75 million Americans and further divide the country? Well if that was it,,,,,, it succeeded much like when he was VP for another great divider.
The left has to keep Trump in rhe limelite with investigations and speeches like today's. They have to run against Triump. They can't possibly run on issues like taxing PayPal transactions. The main campaign in Va was to link Youngkin to Trump. We saw how that turned out. I wonder why the left does not?