IRS looking at all transactions above 600 yet? That will take you a while....
Stop in for a cup of coffee
- Thread starter toolmanmike
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IRS looking at all transactions above 600 yet? That will take you a while....
ProbablyThey already know. Robots.
Mattax
Just the facts, ma'am
Actually liked the ones we had in NPS housing. Solid cotton batting I think. Of course you know where they came from...UNICOR
Kindof like the US gummymint pens all come from Skilcraft. Always wondered how do they know the pens work?
Mattax
Just the facts, ma'am
I think that may just be the new reporting thing for some services.
Bank deposits have been a couple thous for a while now. That prob gets reported to Treasury not IRS, but I dont know. Whether anyone looks at it, thats another story. Maybe like OMR said, robot looking for patterns.
Hell I couldn't get the US Postal Inspectors to track a check that could lead back to armed robberies.
if there's no one to do the work, or no one left who gives a hoot...
Mattax
Just the facts, ma'am
Sounds good, on both accounts!
Yep, Not to concerned about it all. The scare will make our swap meet more successful. Equates to more vender fees and more people coming in the gate to buy parts with cash in their pockets.
I know Paypal sends me a 1099 each year now. No more hiding even friends and family.
Bank of America closed my brothers account without notice or explanation. 25 years he had that account with millions going thru it. I suspect they do not want to be involved with any kind of investigation surround the disbursement of PPE funds. He got about 500k. Still not enough He barely made it thru the closures.
You do a lot of business through them I bet. I have used pay pal for reimbursements for bourbon I purchased for friends. Probably going to have to quit that or figure out some other way to get paid.
Heck the Fed could be monitoring this site. Who's responsible for 1099's? LOL
Mattax
Just the facts, ma'am
The PIA is then showing which ones are gifts. Close family gifts up to 10k are not taxed. More distant family and friends I dont know off hand. My dad was able to help out a cousin pay for her divorce lawyers - I dont think that was taxed (long enough ago its would amnesty now anyway)
Not sure there is a way right now maybe paid in crypto before they reguate it? Then there is capital gains....... Cash is king!
Do what the pot shops do Buy a house cash and take the check and bank it?????
Famly is easy to prove. Its not the sending it is the recieving. Go for it Karl!
And that's exactly what they are trying to prevent. Untraceable transactions. It will backfire. There will be a underground cash movement like you've never seen before.
Mattax
Just the facts, ma'am
Your in the same bpoat then. its just a reimbursemnt. Nobody made profit. You got to save every store reciept in case of an audit because ypour reported doesnt match the 1099 report. Thats a PIA.
Cash!
The money I got is repayment in a loan. Already paid the tax when I got it. But still do not need IRS looking at me...
Always a good idea to have a quality CPA if you dabble in the bigger numbers. They can go to bat for you if there are questions.
I save everything. Even food for the guard dog! As long as my expenses are more than my gross I am good.
Agreed. My guy is great.
Mattax
Just the facts, ma'am
Sure. Like any rules regulations and procedures.
My CPA always said if there's an audit, leave the lawyers out of it and they can probably work it out.
Get the lawyers in and many will argue your position, which often gets no where but more arguement - eventually before a court.
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