The Talking Machine Forum — For All Antique Phonographs & Recordings

Raphael wrote: Thu Sep 30, 2021 7:30 am I dislike eBay as much as anybody else, but compared to the 20-30% most auction houses are collecting on both ends of a sale, eBay looks very favorable. Scheduling is also very flexible (at the seller’s convenience) and once a sale is made funds come within a few days. Having them handle the sales taxes is also a major convenience. I’m going through a major audit and all of my eBay sales were no-brainers to the auditors as I had zero responsibility for the collection and remittance of the taxes. See my post in the Parlor section about this: https://forum.talkingmachine.info/view ... 18&t=50287

Raphael

Curt A wrote: Fri Oct 01, 2021 1:05 pm It won't be too long before online sales taxes are not a big issue. Now, or soon, any deposits to or withdrawals from your bank account that exceed $600 (it has been $10,000) will be reported to and scrutinized by the IRS and I expect cash will be eliminated as a form of payment.

Steve wrote: Sat Oct 02, 2021 5:33 am I've heard of it but frankly it's complete crap.

Raphael wrote: Sat Oct 02, 2021 7:31 am

Curt A wrote: Fri Oct 01, 2021 1:05 pm It won't be too long before online sales taxes are not a big issue. Now, or soon, any deposits to or withdrawals from your bank account that exceed $600 (it has been $10,000) will be reported to and scrutinized by the IRS and I expect cash will be eliminated as a form of payment.

Sorry, Curt, but this is patently wrong and misleading. The proposed rule will be to report on individual accounts that exceed $600 in total annual activity. There will be no specific reporting of individual transactions, except for the ones in cash over $10,000 (that rule has been in place for over 50 years). The concept behind the $600 threshold is to target individuals that have a much smaller reported income than their bank activity indicates.

Some countries have converted to a near-cashless society. We are slowly but inexorably doing so. I recently went to Stanton’s, and in my seven days away I only used cash to leave a tip for the hotel maid. Everything else, right down to a cup of coffee in a gas station, was paid with plastic.

Raphael

Curt A wrote: Sun Oct 03, 2021 3:12 pm

Raphael wrote: Sat Oct 02, 2021 7:31 am

Curt A wrote: Fri Oct 01, 2021 1:05 pm It won't be too long before online sales taxes are not a big issue. Now, or soon, any deposits to or withdrawals from your bank account that exceed $600 (it has been $10,000) will be reported to and scrutinized by the IRS and I expect cash will be eliminated as a form of payment.

Sorry, Curt, but this is patently wrong and misleading. The proposed rule will be to report on individual accounts that exceed $600 in total annual activity. There will be no specific reporting of individual transactions, except for the ones in cash over $10,000 (that rule has been in place for over 50 years). The concept behind the $600 threshold is to target individuals that have a much smaller reported income than their bank activity indicates.

Some countries have converted to a near-cashless society. We are slowly but inexorably doing so. I recently went to Stanton’s, and in my seven days away I only used cash to leave a tip for the hotel maid. Everything else, right down to a cup of coffee in a gas station, was paid with plastic.

Raphael

"Biden’s Treasury Department declares IRS will monitor" all accounts over $600.

The Treasury has made no such declaration (at the "present time"). The department has made a proposal that Congress is considering.

Under the proposal, financial institutions would be required to annually report the total inflows and outflows from bank, loan and investment accounts, if the total is at least $600 in a year, or if the account’s value is at least $600. (This statement equals bank account "scrutiny". It makes no mention of who, or what may be excluded, so by definition it includes everyone and every transaction).

I don't use cash, either, so it's a moot point for me...
My statement is not "patently wrong and misleading", since there is nothing in writing either way at this point - it's a proposal. Proposals mean that this is being considered. IF the proposal is made law, we have no idea how far reaching this law may be, until it's ruled on and then implemented and then it's too late to change it.

Do I want under-reporters to pay their fair share? Of course... Do I trust government agencies and unelected bureaucrats to enforce things fairly and properly? NO... and neither should you. It's a slippery slope to totalitarianism...