IRS Changed Reporting Requirements Delayed 1 year

Jump to latest Follow Reply
PGinsandiego said:
That's Good news about delaying the third-party payment 1099K reporting although it really did not affect anyone on AGN unless their airgun sale was over $600 and they made a net profit on selling that airgun.



URL unfurl="true"]https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf#page=17[/URL]
Click to expand...

The problem was it actually may have been an issue for many, even if you did not make a profit! The reason being that you would be receiving a 1099K which shows the full amount as income. You would then need to have proof of your cost to offset that income from the sale to avoid claiming the full amount. How many people hold on to their receipts? Especially if it's for something you bought many years ago, or paid cash for.
 
Upvote 0
Mo-Ron said:
Once they get that 87,000 armed with use of deadly force ( requirment on application) people all manned up to monitor everything that will change.. you know you got to have time to train them . Like kicking doors in how to correctly put boot to throat , how tight a zip tie handcuff should be , ect..

Last 2 bullet points

View attachment 316526
The tax man a'commith
Click to expand...
Your forgot the "Stop resisting, stop resisting" training.

Smitty
 
Upvote 0
kendive said:
Somebody will just get shot if they do that crap. LOL I hate it for them if they come in here like that.

:)
Click to expand...
Well anyone else would have the ability to at least get their damages covered.
A swat team broke into a mans house at 3:00am IIRC, to serve a warrant on his wife. Broke doors, windows, et al, handcuffed and sat on the floor in front of his two children.
The wife hadn't lived there for over two years, and the warrant was for an unpaid student loan. So even the Dept of Education has swat teams.
Remember if you give them toys, they are going to want to play with them.
Smitty
 
Upvote 0
Smitty911 said:
Well anyone else would have the ability to at least get their damages covered.
A swat team broke into a mans house at 3:00am IIRC, to serve a warrant on his wife. Broke doors, windows, et al, handcuffed and sat on the floor in front of his two children.
The wife hadn't lived there for over two years, and the warrant was for an unpaid student loan. So even the Dept of Education has swat teams.
Remember if you give them toys, they are going to want to play with them.
Smitty
Click to expand...
Yea we have toys like that have also. Bring it on :)
 
Upvote 0
Smitty911 said:
Well anyone else would have the ability to at least get their damages covered.
A swat team broke into a mans house at 3:00am IIRC, to serve a warrant on his wife. Broke doors, windows, et al, handcuffed and sat on the floor in front of his two children.
The wife hadn't lived there for over two years, and the warrant was for an unpaid student loan. So even the Dept of Education has swat teams.
Remember if you give them toys, they are going to want to play with them.
Smitty
Click to expand...
That news broke out in 2011, and it was false. This is America, nobody gets arrested for not paying their bills! In this case, it was a criminal issue. The initial story was retracted because the arrest was not for unpaid student loans. The IG unit handles all cases regarding crimminal activity against the U.S Government, including fraudulent student loans in the DOE. Yes, I think law enforcement officers should have those toys! .....

"But the Department of Education told Reason Magazine Wednesday that the special agents raided the house because of a criminal investigation, not a student loan. The Inspector General's Office does not execute search warrants for late loan payments,” the statement said. DoE did not get into the specifics of the case, but says “the offices conducts raids on issues such as bribery, fraud, and embezzlement of federal student aid funds.”
 
Last edited:
  • Like
Reactions: Bernie7
Upvote 0
JohnnyRambles said:
The problem was it actually may have been an issue for many, even if you did not make a profit! The reason being that you would be receiving a 1099K which shows the full amount as income. You would then need to have proof of your cost to offset that income from the sale to avoid claiming the full amount. How many people hold on to their receipts? Especially if it's for something you bought many years ago, or paid cash for.
Click to expand...
The very idea of maybe getting a 1099K sucks, however, if it is notated on the 1099K &tax return that the sales were for "used personal items", it should be sufficient. In leau of receipts, it would be very easy to prove cost of goods by google the origional cost by year, make and model of the airgun and then use your specific AGN classified ad for providing a sale of used item as proof of loss.
 
Last edited:
Upvote 0
PGinsandiego said:
That news broke out in 2011, and it was false. This is America, nobody gets arrested for not paying their bills! In this case, it was a criminal issue. The initial story was retracted because the arrest was not for unpaid student loans. The IG unit handles all cases regarding crimminal activity against the U.S Government, including fraudulent student loans in the DOE. Yes, I think law enforcement officers should have those toys! .....

"But the Department of Education told Reason Magazine Wednesday that the special agents raided the house because of a criminal investigation, not a student loan. The Inspector General's Office does not execute search warrants for late loan payments,” the statement said. DoE did not get into the specifics of the case, but says “the offices conducts raids on issues such as bribery, fraud, and embezzlement of federal student aid funds.”
Click to expand...
Thanks for the correction. Reason was different but the intel was just as bad.
"Wright says he was grabbed by the neck and handcuffed as the officers searched his house. Stockton says he was put in a police car in his underwear along with his three young children.

“They busted down my door for this. It wasn’t even me,” Wright told the local news station News 10. “All I want is an apology for me and my kids and for them to get me a new door.”

Smitty
 
Upvote 0
You must log in or register to reply here.
Top Bottom
Back
Home
Forums
Resources
Menu