Square Payment Problem

It sounds like some of you do not report cash payments to the IRS…even though you have (or should) an agreement on file showing you performed the inspection/service for a fee.

I report 100% of my income :angel:

Which is exactly why the IRS needs to stay out of my private banking.

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Exactly.

And it will not stop with payment apps. They are trying to force banks to have the same reporting requirements. But the banks have a much more powerful lobbying presence and were able to get it rejected so far. But it will happen eventually now that the payment apps have given in.

From the article below…
“Proponents, including Treasury Secretary Janet Yellen, argued that the information would make it easier for tax collectors to identify accounts that experienced significantly higher activity than reported on taxes, and also raise large amounts of revenue to help pay for the new spending proposals.”

Agree I do to!

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Same here…

From link:

"Earlier versions of the package, which reached as high as $3 trillion in new investments, also included language requiring banks to report to the IRS any bank accounts that had $600 in money in or out every year."

They should start and end with the house and senate morons.

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The little guys are always the ones most effected by tyranny, oppression or exploitation.

Not a single lawmaker, lobbyist or billionaire gives a flying f#&k about this new law.

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Oh, good. I have no issues with it then. :stuck_out_tongue_winking_eye:

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And honestly, neither do the banks. The only reason they are fighting it for now is because it will cost them money to comply.

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Then what’s the problem? :heart_eyes:

AND I Ifeel the same about the government getting involved with all these payment apps as the rest of you, not good at all

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I always accept cash. :slight_smile:

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Busted how? Why should I pay a credit card fee when there is a alternative with no fee?