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<p>[QUOTE=&quot;Publius2, post: 8304093, member: 105571&quot;]Regarding the new law and the implementing IRS regulation on the $600 threshold for 1099k reporting:&nbsp; That $600 threshold got put into the law from a prior law dating from the 1950s (copy and paste) and was not adjusted to account for inflation.&nbsp; It it had been adjusted, the equivalent value would be about $6000.</p><p><br /></p><p>There are some proposals being bruited about in the lobbying arena and the halls of Congress to make that adjustment.&nbsp; But even if the law is amended, it won&#039;t happen in time to prevent the roll-out this year.</p><p><br /></p><p>The whole purpose of this change was to collect some portion of the taxes due on the IRS-estimated $245 billion in unreported taxes.&nbsp; Whether you believe that number or not, that&#039;s the purpose and our elected representatives said &quot;yes&quot; to it.</p><p><br /></p><p>The above is excerpted from a WSJ article April 16 by Laura Sanders &quot;The IRS Gets a Cut of Your Online Gig&quot;.&nbsp; I don&#039;t know if the link will work since it may be behind the paywall.</p><p><br /></p><p><a href="https://www.wsj.com/articles/you-made-700-from-an-online-side-hustle-now-the-irs-will-know-11650015000?mod=business_trending_now_article_pos1" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.wsj.com/articles/you-made-700-from-an-online-side-hustle-now-the-irs-will-know-11650015000?mod=business_trending_now_article_pos1" rel="nofollow">You Made $700 From an Online Side Hustle. Now the IRS Will Know. - WSJ</a></p><p><br /></p><p>I believe there is a pretty significant amount of tax dodging in this country and it is by no means all within the &quot;fat cat&quot; community.&nbsp; I hear of it all the time from friends and acquaintances even when they don&#039;t know they are doing it.&nbsp; But many do and brag about it.</p><p><br /></p><p>For example, all of us coin collectors (not actual dealers that operate as a legitimate business and file taxes as such) know that we are supposed to file and pay a 28% capital gains tax when we sell a collectible coin for more than we paid for it.&nbsp; Right?&nbsp; We all know that, don&#039;t we?&nbsp; Now, how many actually do file it and pay it?[/QUOTE]</p><p><br /></p>

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