10 November 2021 (14:24-UTC-07 Tango 06) 19 Aban 1400/04 Rabi ‘ath-Thani 1443/06 Ji-Hai (10th month) 4719
This has nothing to do with the infrastructure debt financing plan just passed by the U.S. Congress, it is a sneaky part of the March 2021 COVID-19 Stimulus Package (aka American Rescue Plan Act, aka ARPA [not to be confused with DARPA’s original acronym]). Starting 01JAN2022, every time anybody uses an electronic payment processor to make a transaction of $600 or more (this includes $600 transaction for one item, or a single transaction for multiple items totaling $600 or more), the Internal Revenue Service (IRS) gets notified with one or more 1099 forms.
To make things more confusing, there are different types of 1099 forms and according to an accountant, interviewed by CNN, the IRS could get two different types of 1099s for the same transaction because the ‘language’ in ARPA makes it sound like both 1099-K and 1099-MISC (miscellaneous) will be filled: “Again, the taxpayer will have to explain to the IRS that the two 1099s are for the same transaction.”-Mark Luscombe, Wolters Kluwer Tax & Accounting
Each payment processor will be forced to create its own way of reporting the transactions, and even create a way to identify the type of transaction, to the IRS. Government officials, like Janet Yellen, say this is all about catching tax evaders and if your transaction is legitimate then you have nothing to worry about, yet it is 100% on you to prove to the IRS that the transaction is a legitimate non-taxable transaction or you could be taxed on it!
“When Congress passed the American Rescue Plan Act in March, it made a little-noticed change in the tax reporting rules that will make it almost impossible for independent contractors and other businesses to hide their income from the IRS by receiving electronic payments.”-Bradford Tax Institute, explaining the justification of the ARPA, yet failing to point out that ARPA does not differentiate from a contractor and somebody paying their rent. Bradford says that Congress allowed that rent payments can be excluded, but as I wrote above, the burden of making that determination is on the payment processor.
All my adult children use electronic payment processors, they do not use banks, this means every time they pay their outrageous monthly rents (they live in an area that has lead the U.S. in skyrocketing housing costs) the IRS might be notified, and then they’ll have to explain to the IRS what it was for!
Pandēmus Totalitarian, 03NOV2021: TENS OF THOUSANDS OF U.S. MILITARY, POLICE, FIRE FIGHTERS, NURSES REBEL AGAINST BIDEN’S MANDATE!
Pandemic Perfidy: MILITARY MEDICAL TEAMS DEPLOY TO FEMA REGIONS 4, 6, 8 & 10! BLAME PRE-PANDEMIC NURSING SHORTAGE THAT WILL LAST UNTIL 2025!
Exceptional Failed State, January 2014: JEWS CONTROL UNITED STATES BANKING SYSTEM! OBAMA KISSES THEIR ASSES! MEIN KAMPF BECOMES A BEST SELLER, AGAIN!
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.” -Quote attributed to Woodrow Wilson, U.S. President who signed Federal Reserve Act in 1913