The End of Privacy: PayPal, Venmo, Cash
App to Report $600 in Total Transactions,
Require Your Tax Info
PJ Media,
by
Stephen Green
Original Article
Posted By: Dreadnought,
1/8/2022 12:15:49 AM
Starting this month, third-party payment vendors will report $600 in total annual transitions to the IRS. That’s not every transaction of $600 or more. That’s if you do more than $600 worth of business with any of them over the course of an entire year.
Vendors will also need to see your tax information, comrades.
PayPal, Venmo, and others are acting in compliance with the American Rescue Plan Act, passed by Democrats on a strict party-line vote in both houses, and signed into law last year by Presidentish Joe Biden.
Are you feeling rescued yet? PayPal told users:
You may notice that in the coming months we will ask you for your tax information
Reply 1 - Posted by:
snakeoil 1/8/2022 12:29:17 AM (No. 1031739)
Am infrequent user of Pay Pal. Adios.
27 people like this.
Reply 2 - Posted by:
GoodDeal 1/8/2022 12:39:31 AM (No. 1031743)
I guess I need to find my checkbook or pay in cash.
25 people like this.
Reply 3 - Posted by:
DVC 1/8/2022 12:42:18 AM (No. 1031747)
Well, then, I'll stop using Paypal, which I use just a couple times a month.
29 people like this.
Reply 4 - Posted by:
ladydawgfan 1/8/2022 12:46:03 AM (No. 1031749)
I've never used any of these. Looks like I never will!!
12 people like this.
Reply 5 - Posted by:
Flyball Dogs 1/8/2022 1:17:44 AM (No. 1031771)
2 good byes in one week: Ted Cruz and PayPal.
Now, I need one more for the Trifecta.
29 people like this.
Reply 6 - Posted by:
EJKrausJr 1/8/2022 1:40:42 AM (No. 1031775)
NOYFB Paypal. Bye, Bye.
13 people like this.
Reply 7 - Posted by:
SALady 1/8/2022 2:05:42 AM (No. 1031783)
I use PayPal pretty frequently for on-line shopping. I have always liked the convenience, and they did rescue my derriere once when I got scammed and they had to get my money back for me.
Or at least I did use them. No more if they are going to play this fascist game for the Demon-Rats!!!
27 people like this.
Reply 8 - Posted by:
athina 1/8/2022 2:20:29 AM (No. 1031785)
I don’t have a paypal account - but often when i pay online with a credit card, it appears to use paypal tp do that. And i give to a local charity that way. I wonder if those transactions are included in this
6 people like this.
Reply 9 - Posted by:
judy 1/8/2022 4:20:51 AM (No. 1031791)
They can't handle tax returns yet they can monitor every $$$ you spend??? My guess Biden is pushing the use of credit cards???? Go Fund Me uses PayPal.
7 people like this.
Reply 10 - Posted by:
Jesuslover54 1/8/2022 4:28:41 AM (No. 1031795)
So, basically, no more eBay either?
10 people like this.
Reply 11 - Posted by:
5 handicap 1/8/2022 5:46:09 AM (No. 1031824)
It has been my EXPERIENCE that PayPal is run by criminals. Sleezy merchants have made false charges to my credit cards and when I complained, Twice PayPal sided with the sleazy merchants. A couple hundred dollars won't kill me but if done to millions of users PayPal is reaping lots of profit! I cancelled my account! Go AMEX, a wonderful way to do business.
8 people like this.
Reply 12 - Posted by:
edgar 1/8/2022 7:47:09 AM (No. 1031901)
Cash is King
5 people like this.
Reply 13 - Posted by:
F15 Gork 1/8/2022 7:49:17 AM (No. 1031903)
End of PayPal would be nearer the mark.
10 people like this.
Reply 14 - Posted by:
Periwinkel 1/8/2022 8:10:22 AM (No. 1031924)
Paypal is going to lose on this one. I will start using credit cards on all online purchases.
15 people like this.
Reply 15 - Posted by:
JHHolliday 1/8/2022 9:07:08 AM (No. 1031990)
I don’t use PayPal and now I never will. When I buy online, I use a credit card. Everything else is checks or cash. I see what the Dems are doing here. They have a pornographic lust for more revenue and power and information is power. There is a huge underground economy that pays little or no federal income tax....the millions of illegals doing landscaping and running other small businesses. They will also put the screws on banks to report your every transaction. Buy a MAGA hat or T-shirt online or make a campaign contribution to the “wrong” candidate and your name goes on their **** list.
8 people like this.
Reply 16 - Posted by:
aasilver 1/8/2022 9:23:29 AM (No. 1032004)
I was a BIG user of Paypal.
No more. They are cancelled. Don't and won't use the others.
6 people like this.
Reply 17 - Posted by:
gop_guys 1/8/2022 10:13:10 AM (No. 1032053)
Their stock is waay down. High of about $310 to $187. It will continue to slide. This is how we deal with woke corporations. And invasion of privacy. eBay is next in my opinion. Added value charges, requiring your bank info and SS. Back to PayPal; they’ve been prohibiting use by conservatives for some time now. I continue to vote with my checkbook; no Coke, no Nike, no Dicks, no NBA, etc..
7 people like this.
Good grief. As if there isn't enough opportunities for ID theft out there, Biden has opened the barn door for so many more.
6 people like this.
Reply 19 - Posted by:
LadyVet 1/8/2022 12:27:20 PM (No. 1032261)
To clarify, the IRS is imposing the same credit card rules for AmEx, Visa, to PayPal and Venmo. You can BUY something and make payment without a report to the IRS. But if you SELL something, the IRS figures you are generating income and they want to know it. You will be getting a 1099K from PayPal. So if you are downsizing to retire to an RV, and sell household items you have owned for 40 years, you need to compute the profit on the items sold. Problem is: Who has a receipt to prove how much that sofa cost 40 years ago? So since you cannot prove that you bought that sofa for $400, the IRS will want you to pay tax on the entire $1,000 sales proceeds. If you had kept the receipt for 40 years, you would only owe tax on the $600 profit.
5 people like this.
Reply 20 - Posted by:
anniebc 1/8/2022 6:23:15 PM (No. 1032573)
Poster #19 is correct. This is about government trying to get its greedy hands on every dime they can get. They have to do this and other mess coming because of their trillion dollar budgets and the control over us that they have planned. Recently the IRS told people who stole stuff to either return it by the end of the tax year or report it and pay taxes on it. They're trying to ho money, drug money, everything! What do you think legalizing drugs was about. Greedy bastids!
4 people like this.
Reply 21 - Posted by:
judy 1/9/2022 5:10:40 AM (No. 1032791)
They waste millions on impeachments, worthless investigations & open borders yet demand $600 be reported?????
4 people like this.
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