In 2022 the U.S. Internal Revenue Service announced that online payment platforms must report all transactions made by individuals that are over $600. The rule would result in online sellers, resellers and gig workers having to report more earnings to the IRS. Under the previous law online platforms had to send reports to the IRS if a vendor earned more than $20,000 and had over 200 transactions. Proponents argue that the rule will force tax cheats to report income. Opponents argue that the rule unfairly targets small businesses and people who sell items on Ebay and AirBnb.
@ISIDEWITH1yr1Y
@ISIDEWITH1yr1Y
@ISIDEWITH1yr1Y
@ISIDEWITH1yr1Y
Yes but for a larger sum (think monthly salary ) and without a specified number of transactions.
@9BPRVCL12mos12MO
@9BHY88W1yr1Y
No, this is a UK quiz, the IRS has no power, nor should it. Also we use £ not $.
@9DVTY6F8mos8MO
No, private transactions should be kept private unless suspected to be illegitimate or illegal
@9B84XHJ1yr1Y
Yes maybe, but mainly The Monarch or local Unions. ( Or church if they are christian.)
@9B5VCTN1yr1Y
How is this relevant? This is the UK, we don't use dollars for transactions, the IRS is in the US.
@99QYDG81yr1Y
You should if it's over $1800.
@992X8G61yr1Y
only for larger businesses and corporations
@klingondragon1yr1Y
No. The IRS is a part of the US Government and shouldn't have any say over non US citizens or companies.
@98RMJRT1yr1Y
No, The IRS has no jurisdiction in the UK
yes, provided support is given to smaller businesses
@98PYH961yr1Y
Depends on the circumstance of the transaction
@98PN3RX1yr1Y
Depends on the transparency provided and nature of good and services procured
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