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General Business Discussions This is a general purpose forum open to business related topics concerning Reptiles and Amphibians that are neither appropriate for the Board of Inquiry, nor sales, purchase, or trade solicitations. |
01-14-2023, 12:51 PM
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#11
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Quote:
Originally Posted by bcr229
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-ann...s-forms-1099-k
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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?
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01-14-2023, 01:07 PM
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#12
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Quote:
Originally Posted by Socratic Monologue
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?
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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.
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01-14-2023, 02:02 PM
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#13
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Quote:
Originally Posted by bcr229
Correct. Also you need to report gross income and expenses, not just gross income.
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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.
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01-14-2023, 02:07 PM
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#14
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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.
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01-14-2023, 02:23 PM
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#15
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Quote:
Originally Posted by WebSlave
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.
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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.
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01-14-2023, 02:42 PM
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#16
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Quote:
Originally Posted by bcr229
Correct. Also you need to report gross income and expenses, not just gross income.
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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.
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01-14-2023, 02:56 PM
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#17
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Quote:
Originally Posted by Socratic Monologue
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.
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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.
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01-14-2023, 03:11 PM
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#18
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Quote:
Originally Posted by TIBOR PAPP
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.
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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.
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01-14-2023, 03:16 PM
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#19
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Quote:
Originally Posted by bcr229
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.
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"debt ceiling" ...........
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.
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01-14-2023, 03:21 PM
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#20
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Quote:
Originally Posted by bcr229
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.
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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.
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