COMMUNITY nah yall gotta hold this L

Jan 19, 2017
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as stated ,many times before I voted for Biden BUT......



For those of you who does business with Zelle, Paypal or Cashapp find another way before 1/1/2022. The new rule that was brought up by the IRS and signed by Biden is straight up bullshit.

The law basically states that anyone who does up to $600 bucks of business on those apps will have to show it on their taxes. This fuck nigga and the IRS would rather choke the small fry instead of going after the super rich because everyone knows that small business and regular everyday people use those apps.
 

Elzo69Renaissance

Didnt you hear about the last nigga who swung @ me
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as stated ,many times before I voted for Biden BUT......



For those of you who does business with Zelle, Paypal or Cashapp find another way before 1/1/2022. The new rule that was brought up by the IRS and signed by Biden is straight up bullshit.

The law basically states that anyone who does up to $600 bucks of business on those apps will have to show it on their taxes. This fuck nigga and the IRS would rather choke the small fry instead of going after the super rich because everyone knows that small business and regular everyday people use those apps.
This is to be able to tax the unregulated social media transaction world
 

The Lonious Monk

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as stated ,many times before I voted for Biden BUT......



For those of you who does business with Zelle, Paypal or Cashapp find another way before 1/1/2022. The new rule that was brought up by the IRS and signed by Biden is straight up bullshit.

The law basically states that anyone who does up to $600 bucks of business on those apps will have to show it on their taxes. This fuck nigga and the IRS would rather choke the small fry instead of going after the super rich because everyone knows that small business and regular everyday people use those apps.
That seems fair to me though. I agree that they should be prioritizing going after the big boys, but that doesn't mean that people should be allowed to use Cashapp to dodge paying taxes.
 

The Lonious Monk

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I for real don't get your objection here. Why shouldn't the government stop people from doing thousands of dollars of business throughout the year, but using Cashapp or Paypal to keep it out of their bank accounts so that they don't have to report that money during tax time?

Is there something I'm missing? Or is your problem solely that Biden prioritized this method of tax dodging over the shit the big boys are doing?
 
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Jan 19, 2017
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$17,785,163
I for real don't get your objection here. Why shouldn't the government stop people from doing thousands of dollars of business throughout the year, but using Cashapp or Paypal to keep it out of their bank accounts so that they don't have to report that money during tax time?

Is there something I'm missing? Or is your problem solely that Biden prioritized this method of tax dodging over the shit the big boys are doing?
Because there's no way of telling who's doing business or taking money up for friends bday party. There's no way differentiating from the two. How will the banks know that you took paid for dinner for the group at a dinner but they gave you the cash later? The answer is they can't
 

The Lonious Monk

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Because there's no way of telling who's doing business or taking money up for friends bday party. There's no way differentiating from the two. How will the banks know that you took paid for dinner for the group at a dinner but they gave you the cash later? The answer is they can't
This is specific to business though right?

For example, my wife has a paypal for her business. She wouldn't collect money for a friend's bday party using her business account. That's typically not a good idea. That said, even if you do that, as long as you note it, it shouldn't be a problem. That's why there is a "For" line on those apps/services.

I'm not a tax expert, so I could be wrong about all this, but my wife does own her own business and I have been part of the tax discussions the past couple years and I don't think, based on what you're saying, that this change will be as bad as you think. I could be wrong though, and if anyone knows better, please correct me.
 
Jan 19, 2017
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This is specific to business though right?

For example, my wife has a paypal for her business. She wouldn't collect money for a friend's bday party using her business account. That's typically not a good idea. That said, even if you do that, as long as you note it, it shouldn't be a problem. That's why there is a "For" line on those apps/services.

I'm not a tax expert, so I could be wrong about all this, but my wife does own her own business and I have been part of the tax discussions the past couple years and I don't think, based on what you're saying, that this change will be as bad as you think. I could be wrong though, and if anyone knows better, please correct me.
No.

Like I said there's now way to differentiate between the two and the banks would have to do that somehow. They would literally have to see if you was selling a product or you was being reimbursed for paying for dinner for the crew and them sending you the money back thru Cashapp or whatever.

Also that's not for anything over $600 that's for the entire year that totals up to $600. You'll get a 1099 for that. You'll have to show that on your taxes.

Then on top of that they'll be watching your bank accounts to see how and when you was paid.
 

The Lonious Monk

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No.

Like I said there's now way to differentiate between the two and the banks would have to do that somehow. They would literally have to see if you was selling a product or you was being reimbursed for paying for dinner for the crew and them sending you the money back thru Cashapp or whatever.

Also that's not for anything over $600 that's for the entire year that totals up to $600. You'll get a 1099 for that. You'll have to show that on your taxes.

Then on top of that they'll be watching your bank accounts to see how and when you was paid.
Again, you shouldn't be mixing business and personal accounts like that in the first place. When you do, you're making your accounting problems.

That said, I still don't quite understand what you're getting at. It doesn't really matter what the bank sees from cashapp for example. Cashapp itself keeps a record and you can label your transactions as necessary. So when we go see the CPA, she'll go down the line and ask us about certain transactions. We just show her the cashapp or paypal receipt and she's able to account for what it is based on the label there. For example, my wife accepts cashapp payments for merchandise. You're right, her bank doesn't know what that transaction is for, but when my wife imports her bank information into Quicken, she's able to add the label and attach the cashapp receipt which shows what it's for. When it comes to taxes, you're the one that responsible for keeping all the information on your transactions. The banks don't get involve with that at all.

Like I'm not trying to be argumentative here, but I unless I'm missing something, what you seem to be afraid of happening isn't something that would actually be a problem if you're responsible with how you keep your books. I believe the reason why they made this change is because you can actually do things like take money into cashapp and then pay out through cashapp bypassing your bank altogether. That means you could do thousands of dollars worth of business through cashapp, not report it on taxes, and the IRS wouldn't really have any way of catching you because they would pull your bank records during an audit but likely wouldn't ask about cashapp or paypal.
 
Jan 19, 2017
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Again, you shouldn't be mixing business and personal accounts like that in the first place. When you do, you're making your accounting problems.

That said, I still don't quite understand what you're getting at. It doesn't really matter what the bank sees from cashapp for example. Cashapp itself keeps a record and you can label your transactions as necessary. So when we go see the CPA, she'll go down the line and ask us about certain transactions. We just show her the cashapp or paypal receipt and she's able to account for what it is based on the label there. For example, my wife accepts cashapp payments for merchandise. You're right, her bank doesn't know what that transaction is for, but when my wife imports her bank information into Quicken, she's able to add the label and attach the cashapp receipt which shows what it's for. When it comes to taxes, you're the one that responsible for keeping all the information on your transactions. The banks don't get involve with that at all.

Like I'm not trying to be argumentative here, but I unless I'm missing something, what you seem to be afraid of happening isn't something that would actually be a problem if you're responsible with how you keep your books. I believe the reason why they made this change is because you can actually do things like take money into cashapp and then pay out through cashapp bypassing your bank altogether. That means you could do thousands of dollars worth of business through cashapp, not report it on taxes, and the IRS wouldn't really have any way of catching you because they would pull your bank records during an audit but likely wouldn't ask about cashapp or paypal.
What you're completely missing is that been the mundane things will considered taxable income. How do you not see that?
 
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The Lonious Monk

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What you're completely missing is that been the mundane things will considered taxable income. How do you not see that?
Why are you taking money for mundane things using your business cashapp?

If you have a cashapp or paypal that you use for your business, that should be isolated from your mundane personal shit. How do you not see that?
 
Jan 19, 2017
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Why are you taking money for mundane things using your business cashapp?

If you have a cashapp or paypal that you use for your business, that should be isolated from your mundane personal shit. How do you not see that?
Never mind bro you got it. Sheesh

I just said the banks won't know if it's a business transaction or a regular thing.
 

The Lonious Monk

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Never mind bro you got it. Sheesh

I just said the banks won't know if it's a business transaction or a regular thing.
Like I said man, I'm not trying to argue with you. I'm trying to ease your mind. If they are requiring everyone to report CashApp transactions, personal or otherwise, then I see your problem.

However, if this is just related to businesses, then you've got nothing to fear. If you have a business and a business account, create a separate CashApp account linked to your business account and restrict all CashApp transactions for that account to being business only, and you shouldn't ever have a problem.