Tag: financial transactions

Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement

Tina Marie (Ms. Cat)

*The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them

*Beginning Jan. 1, 2022, third-party payment processors were required to report such transactions

*The changes will be included during the 2022 tax season

*The payment apps were previously required to send users 1099-K forms if their gross income exceeded $20,000 or had more than 200 transactions per year

Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement

Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600

Tina Marie (Ms. Cat)

Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600

“The IRS is first and foremost, a law enforcement agency, and the Fourth Amendment protects against unreasonable searches and seizures in pursuit of, of looking for wrongdoing and criminal actions, so I think this is going to run into severe Fourth Amendment headwinds,” Hedger said.

The US Plan to Imprison Businesspeople in other Countries for “Violating” Illegal US Sanctions: The Cases of Alex Saab, Meng Wanzhou, Mun Chol Myong

Tina Marie (Ms. Cat)

The US uses economic sanctions as a weapon against states which choose a development path independent of US global domination. Sanctions can take the form of blocking a nation’s financial and trade transactions, not allowing financial institutions to process them. The US can also freeze the assets of another country.

The US Plan to Imprison Businesspeople in other Countries for “Violating” Illegal US Sanctions: The Cases of Alex Saab, Meng Wanzhou, Mun Chol Myong