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Discussion in 'Money & Finances' started by Ken Anderson, Nov 25, 2023.
This is not a good development, and the irony is that it was hidden within an Amerian Rescue label.
Thanks for the info. It won't affect me/us.
A few years ago, the Amazon Vine Program went through a similar scrutiny. I have been a "Viner" since 2009, and originally there were no tax implications for taking freebies from Amazon vendors to review. When that changed, Amazon began reporting Vine products received in excess of $600 a year to the IRS. I received many big-ticket items over the years but now I barely participate. The government has to ruin everything.
Good to know. Thanks @Ken Anderson.
Like @Beth Gallagher I participate in Lowe's testing where one can select featured products for review and keep it. Even though many of the products are not for me I can now do my research on Lowe's website to see the cost of the product which is not given.
So the IRS doesn't have all the incidentals ironed out. When they finally have, and if the numbers don't mesh, tax payers will also have penalties and interest to pay?
How do you get to be a product tester for Lowes, @Von Jones ?
I have no idea. I received an email back in 2014. Probably a random pick off an email list because I don't even have their credit card.
I read about this. So much for only going after those who earn $400,000 and above, huh?
Next they will have to go to a cashless society so that I can't even loan someone $5 without it being on the government's radar screen.
Yes, this is the liberal war on individuals trying to better their lives by doing side work. I doubt any liberals will be audited, but it opens the door for the IRS to investigate anyone that they want to silence. It has nothing to do with folks taking money or products in exchange for a service that didn't even amount to minimum wage.
This is the reason I quit reselling on Poshmark and Ebay. My tax accountant told me it was best to keep records and file a small business form. I was losing money so it wasn't worth it, plus I couldn't deduct money lost from my taxes since it was considered a "hobby" business. Now I just donate anything that is not returnable to charity.
The one that really opened my eyes was after buying 3 pair of jeans I liked, I was asked to model them in exchange for a free pair. I didn't see how that differed from buy 3, get one free, but since I was given jeans in exchange for labor, that was considered pay for labor. The company I modeled for, reported all "freebee gifts" over $50 to the IRS.
Since then I avoid doing reviews, either free or compensated for anyone. I have paid way over my fair share of taxes in my lifetime and don't need money bad enough to make money doing little jobs to supplement my income, just to pay taxes on it, or live in fear of being investigated.
The day is nearing when IRS agents will be out watching yard sales.
They won't have to when we go to digital currency.
Unless there is bartering going on. They will need agents to establish the value of the bartered items.
What they would likely do is stop by a few yard sales, entrap some folks into bartering, then crucify those people with lots of appropriate media coverage. That won't stop it, but it will sure cut it back 90%.
It sounds like, as is not unusual, they can’t get their act together and there’s perhaps another delay.
“American Rescue Plan”
Don’t ya just love the way these liars call something by exactly the opposite of what it is?
They could call it the "We're Gonna Screw You Til You Die Plan" and we still couldn't stop it.
Sad but true. None of this stuff is anything “the people” want.
We have lost this nation.
No legislator voted for the loss of incandescent bulbs.
No legislator voted for the loss of gas stoves.
The Democrats are turning this into a dictatorship. They have destroyed the Constitution. Suddenly the legislative branch is nothing more than neutered oversight for the Executive Branch, and the Judicial Branch has been hijacked.