Try the political quiz
@ISIDEWITHQuestionsEconomy3yrs ago

Should online payment platforms be forced to report all transactions over $600 to the IRS?

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.

+
Expand

Knowledge quiz

How much do you know about Economy?

See if you know more than the average UK.

Test your knowledge!

173 Replies

 @ISIDEWITHDiscuss this answer...3yrs3Y

No

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes

 @ISIDEWITHDiscuss this answer...3yrs3Y

No, private transactions should be kept private

 @9FNQ7X2Greendisagreed…3yrs3Y

All large sums of money should be seen by the government to ensure people are not taking advantage of tax loopholes

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, except for low income citizens

 @ISIDEWITHDiscuss this answer...3yrs3Y

No, unless the transaction is considered income

 @ISIDEWITHDiscuss this answer...3yrs3Y

Yes, but the threshold should be much higher

 @9DVTY6Fanswered…3yrs3Y

No, private transactions should be kept private unless suspected to be illegitimate or illegal

 @9C2BTW8Labouranswered…3yrs3Y

Yes but for a larger sum (think monthly salary ) and without a specified number of transactions.

 @9BPRVCLanswered…3yrs3Y

this is not relevant

 @9BHY88Wanswered…3yrs3Y

No, this is a UK quiz, the IRS has no power, nor should it. Also we use £ not $.

 @9B84XHJanswered…3yrs3Y

Yes maybe, but mainly The Monarch or local Unions. ( Or church if they are christian.)

 @9B5VCTNanswered…3yrs3Y

How is this relevant? This is the UK, we don't use dollars for transactions, the IRS is in the US.

 @99QYDG8answered…3yrs3Y

You should if it's over $1800.

 @992X8G6answered…3yrs3Y

only for larger businesses and corporations

 @klingondragonanswered…3yrs3Y

No. The IRS is a part of the US Government and shouldn't have any say over non US citizens or companies.

 @98RMJRTanswered…3yrs3Y

No, The IRS has no jurisdiction in the UK

 @98QCZDHLabouranswered…3yrs3Y

yes, provided support is given to smaller businesses

 @98PYH96answered…3yrs3Y

Depends on the circumstance of the transaction

 @98PN3RXanswered…3yrs3Y

Depends on the transparency provided and nature of good and services procured

Demographics

Loading the political themes of users that engaged with this discussion

Loading data...

More conversations

Join in on more popular conversations.

Active 1mo ago

 @ISIDEWITHDiscuss this answer...…6yrs6Y

Should critical race theory be taught in K-12 education?

No

▲  19.8k6 replies4 agree1 disagree