1099-K

Saw an interesting news item on Facebook, confirmed it by checking the Price Waterhouse Coopers (Big 4 CPA firm) site:

www.pwc.com/us/en/services/tax/library/a...rting-threshold.html

Right now, sites like PayPal and Venmo are required to issue a 1099-K to anybody who receives at least $20,000 in a calendar year via their site. Because of the high threshold, this is generally only of concern for a business using one of those sites to receive payment for goods and services. The IRS gets a copy of the 1099-K, so they know to expect some tax revenue from the recipient. Starting in 2022, the threshold for the 1099-K will be reduced to $600 per year.

I am posting this here because some of us (especially Barnes) sell enough games that they might hit that $600 threshold.

If the payment is a personal gift it won't matter. I envision the new process will involve ("Must be sent friends and family") by many sellers.

I've used "friends and family" for business stuff like paying rent but it strips the buyer of a lot of protections, so I can't see it replacing what must be the majority of business dealing with paypal. I certainly wouldn't use it for someone I didn't know.

Demand payment only in NFTs!

Not just PayPal/Venmo.

eBay
Etsy
Uber
Lyft
Grubhub
Instacart

Anyone the federal gov't deems to be a TPSO (third party settlement organization.) Which means these entities will also need your Social Security # in order to file, so cough it up ("it" being your $$$ and your personal info.)

Govt. never misses an opportunity to go after the little guy!

jason10mm wrote: I've used "friends and family" for business stuff like paying rent but it strips the buyer of a lot of protections, so I can't see it replacing what must be the majority of business dealing with paypal. I certainly wouldn't use it for someone I didn't know.

I am pretty sure EBay prohibits buyers demand payment using F/F. A seller could be barred if caught doing so.

They can fucking bill my share to Jeff Bezos and Elon Musk.

Michael Barnes wrote: They can fucking bill my share to Jeff Bezos and Elon Musk.

Peter Thiel is the better model. Purchase your games with funds from your Roth IRA, sell them at a profit and return the proceeds to your Roth. You don't owe any taxes on the proceeds, and if you wait until you're 60 you don't have to pay any penalty. Tax free profits, Shellhead can fill you in on the details.

Only poor gamers pay taxes.

Sagrilarus wrote:

Michael Barnes wrote: They can fucking bill my share to Jeff Bezos and Elon Musk.

Peter Thiel is the better model. Purchase your games with funds from your Roth IRA, sell them at a profit and return the proceeds to your Roth. You don't owe any taxes on the proceeds, and if you wait until you're 60 you don't have to pay any penalty. Tax free profits, Shellhead can fill you in on the details.

Only poor gamers pay taxes.

Or even better, get a loan secured by your Roth! No need to deal with pesky IRS forms, and with loan rates at or below inflation, it's basically free money.

At any rate, we can all rest easy knowing that, as millions of dollars per month are hoovered out of the country to sit in anonymous accounts in the Cayman Islands, at least poor people will be getting dinged for trying to make a buck.

Michael Barnes wrote: They can fucking bill my share to Jeff Bezos and Elon Musk.

Let's go to the tale of the tape!

In the Red corner, we have the heavyweight champions of the world, Jeff Bezos & Elon Musk! They bring into this fight the following:
* tax attorneys, to identify every deduction & loophole possible to reduce taxable income
* an army of accountants, to establish shell companies in various friendly offshore tax havens in order to hide as much additional taxable income as possible
* DC lobbyists, to fund the campaigns of the politicians who create the loopholes that taxable income can be shielded from

And in the Blue corner, the guy who got kicked off of BGG a decade ago, Mr. Michael Barnes! He brings to the table...
* a nicely painted Space Marine army?

I think I see how this will shake out.

fightcitymayor wrote: And in the Blue corner, the guy who got kicked off of BGG a decade ago, Mr. Michael Barnes! He brings to the table...
* a nicely painted Space Marine army?

I think I see how this will shake out.

I dunno. Space Marines OP, yo.

Jackwraith wrote:

fightcitymayor wrote: And in the Blue corner, the guy who got kicked off of BGG a decade ago, Mr. Michael Barnes! He brings to the table...
* a nicely painted Space Marine army?

I think I see how this will shake out.

I dunno. Space Marines OP, yo.

Between Bezos' money and Musk's inability to say no to any technology, they could probably breed a real Space Marine army list to take on Barnes