• Responding to email notices you receive.
    **************************************************
    In short, DON'T! Email notices are to ONLY alert you of a reply to your private message or your ad on this site. Replying to the email just wastes your time as it goes NOWHERE, and probably pisses off the person you thought you replied to when they think you just ignored them. So instead of complaining to me about your messages not being replied to from this site via email, please READ that email notice that plainly states what you need to do in order to reply to who you are trying to converse with.

  • IMPORTANT! PLEASE READ!! About the Google Adsense ads being displayed

    =====================
    Posted 08/15/2025
    =====================


    Yeah, I know. They are a pain in the butt. But they pay the bills to keep my server running. Just a fact of life, I am afraid.

    Want to get rid of them? Simple. Just become a Contributor level member or above and they will be gone. -> Please click HERE."

    Is that too much for me to ask of you to keep this site running? Well, sorry about that. I too wish I could get everything for free. But alas.....

    =====================
    Addendum: 01/10/2026
    =====================


    Google Adsense ad revenue for December, 2025 was just $30 over the cost of the lease for the server running this site. So, in effect, the money providing the incentive for me to continue running this site is coming SOLELY from the paid memberships and sponsorships here. Which honestly ain't much....

USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

bcr229

bcr229

Snakes Are Cool
Staff member
Staff
Endowment
Joined
Mar 29, 2013
Messages
3,566
Reaction score
381
Points
83
Location
Inwood, WV USA
Am I reading this correctly that it doesn't take effect until next year? I save all receipts of transactions regardless, just wanting to make sure I am following it correctly.
 
Yes this year the thresholds are still $20,000 and 200 transactions.
 
TIBOR PAPP said:
IRS is going bye bye...save yourself the aggravation.
its all gonna change. research is the only way.
Click to expand...

I SERIOUSLY doubt that will happen. Why in the world would the government get rid of their major source of income and control? At best, all that would happen is that the name would change to something pink and fluffy sounding.
 
bcr229 said:
The implementation of the reporting rule has been delayed for a year. So, the threshold of $20,000 and 200 transactions remains in effect for tax year 2022. The $600 and one transaction threshold applies to tax year 2023.

https://www.irs.gov/newsroom/irs-an...or-third-party-payment-platforms-forms-1099-k
Click to expand...

Just to clarify: gross income from, for example, breeding and selling animals is still required to be reported on the taxpayer's tax reports for 2022. What is not required is that third party payment processors report annual sales transactions under $20,000. Do I have that right?
 
Socratic Monologue said:
Just to clarify: gross income from, for example, breeding and selling animals is still required to be reported on the taxpayer's tax reports for 2022. What is not required is that third party payment processors report annual sales transactions under $20,000. Do I have that right?
Click to expand...
Correct. Also you need to report gross income and expenses, not just gross income.

I strongly suspect the delay is because the IRS simply was not prepared to receive and process the sheer volume of 1099-K forms that result from the change, and tax advisors haven't figured out yet how to properly handle them. I've seen multiple scenarios from different CPA's.
 
bcr229 said:
Correct. Also you need to report gross income and expenses, not just gross income.
Click to expand...

Would the IRS really care if you neglected to report deductible expenses? After all, it would be to their benefit if you did that as it would only mean more taxes due to them. :shrug01:
 
Rich..you may have your beliefs..but .."you can not stop what is coming"
stop watching.. tell lie vision.
We.. as you and I have been lied to all of lives..buckle up.
 
WebSlave said:
Would the IRS really care if you neglected to report deductible expenses? After all, it would be to their benefit if you did that as it would only mean more taxes due to them. :shrug01:
Click to expand...
IRS wouldn't care. Congress would love it b/c if companies didn't deduct expenses then there wouldn't be the discussion about raising the debt ceiling.
 
bcr229 said:
Correct. Also you need to report gross income and expenses, not just gross income.
Click to expand...

As I understand all this, those folks who don't file business taxes can't claim deductions but still are legally required to report gross income. That was the group I had in mind with my comment. I assume that's actually a group with many members -- small hobby breeders who aren't (yet) filing business taxes.
 
Socratic Monologue said:
As I understand all this, those folks who don't file business taxes can't claim deductions but still are legally required to report gross income. That was the group I had in mind with my comment. I assume that's actually a group with many members -- small hobby breeders who aren't (yet) filing business taxes.
Click to expand...
Hobbyists can certainly deduct expenses but only up to the amount of gross income; they can't deduct expenses that exceed their income and thus show a loss on their tax returns. Bona fide businesses can post losses but after a few years the IRS figures out that your business is really a hobby and disallows the losses, so you owe back taxes.
 
TIBOR PAPP said:
Rich..you may have your beliefs..but .."you can not stop what is coming"
stop watching.. tell lie vision.
We.. as you and I have been lied to all of lives..buckle up.
Click to expand...

I haven't watched TV in decades.

I know we have been lied to, basically about everything, forever.

But fact of the matter is, I don't see any facts in your claim that the "IRS is going bye bye", neither. So this is simply, if anything, a "belief" on your part too, without any supporting facts or even a logical basis to rely on. Why would the federal government disband the IRS when that is the agency that coerces the public to fork over the money that goes directly to the government? Do you seriously believe the government would voluntarily abandon the goose that lays the golden eggs for them? And if not voluntary, what force exists that could make that happen involuntarily?

Sorry, as I would like to see the IRS vanish as much as the next guy, but I don't see any chance at all that this will ever happen.
 
bcr229 said:
IRS wouldn't care. Congress would love it b/c if companies didn't deduct expenses then there wouldn't be the discussion about raising the debt ceiling.
Click to expand...

"debt ceiling" ........... :rofl:

When has that EVER been recognized and adhered to by our government?

You know, I used to work for the State of Florida a while back, and sometimes took the time to sit in when a session was in progress. It astounded me that one of the very first things they did was to vote on "suspending the rules". Which, of course, passed each and every time.

I would bet the federal government does the same thing.
 
bcr229 said:
Hobbyists can certainly deduct expenses but only up to the amount of gross income; they can't deduct expenses that exceed their income and thus show a loss on their tax returns. Bona fide businesses can post losses but after a few years the IRS figures out that your business is really a hobby and disallows the losses, so you owe back taxes.
Click to expand...

That is the difference between an "income producing activity" and a "bona fide business entity". There are rules in place related to the number of years that you show an actual profit for a given time period. It may be interesting to note, that a "profit" can be as little as one dollar. Just do that at least three years out of five, if I remember correctly.
 
Back
Top