3 Burst results for "National Taxpayers Association"
The Ben Shapiro Show
"national taxpayers association" Discussed on The Ben Shapiro Show
"Senator Bill haggerty says he will file an amendment raising the limit to $10,000, but for now the $600 threshold still stands. Here to discuss is executive vice president of the national taxpayer association Brandon Arnold. Brandon, thanks so much for coming on. My pleasure. Thanks for having me. So as we close out the year, there are a few new tax rules relating to Venmo and those payment processing apps that could sneak up on people this tax season. What are the new rules? So this was Joe Biden's big inflation boosting package $2 trillion package. One of the things that included was changing the threshold for reporting for ten 99 K forms, which have been around for a while, but most people have never really encountered, and they reduce the threshold from $20,000 and 200 transactions to $600. And what that means is that if you are doing business on third party platforms such as using Venmo or the cash app, PayPal, to exchange money with people or businesses and you hit one of those thresholds. Those companies have to provide a form to both the IRS and to you providing information on the amount of those transactions that may or may not be taxable income, but it will result in a form. So what counts as a business transaction and what counts as a personal transaction. For example, if I have a friend who Venmo's me over $600 over the course of the year, would that then be treated as taxable income? Well, this is intended to capture commercial activity taxable activity, but it's going to ensnare a lot of personal transactions, the difficult thing is going to be reconciling those for tax purposes because if your friend is sending you $20 on Geno to pay you back for a brunch, that's not a taxable event. Even though it may appear on your ten 99 K four. If you are selling things in a commercial setting, then that probably is a taxable activity and that needs to be reported on your tax form accordingly. So that's what makes this so complicated is that there's going to have to be this reconciliation process that takes place when you calculate your taxes to suss out what is taxable activity and what is not. It's a real headache for small businesses here who are the ones that are going to be most impacted. Now, what about something like receiving a rent payment? That's obviously going to hit that threshold very quickly. Is that considered a taxable transaction? No, this modification does not change what is taxable, what it's not taxable. And those payments are not taxable. Did a lot of activity that will take place in this ten 99 space is not taxable activity. Not everybody's going to know that. That's one of the things that I'm concerned about here is people are going to get this form and they're going to be concerned. They're not going to know exactly what this form is. And they could just assume that all the numbers that appear on the ten 99 K form need to be reported on the tax form and our taxable income and then go ahead and pay taxes on that amount, even though much, if not all of that was not taxable. Now, who is this going to affect the most? I was here making hundreds and hundreds of thousands of dollars that people could Biden purporting to go after. But those are the people that have fancy attorneys that have well paid accountants that can figure out what this means for them exactly. But people on the lower end of the economic ladder. They're the ones that are in trouble here. And as we all know, we are just beefing up the IRS to the $280 billion, 87,000 additional IRS employees, all poised to launch these audits. Of course, when we talk about the $80 billion, one of the things that they are insufficiently addressing in my opinion is customer service. Answering phones responding to emails and letters, making sure that people understand their taxes properly. Well, this process is just feeding that confusion. It's making taxes far, far more complicated than they ever been. All right, well, Brandon, thanks so much for coming on. Thanks so much for having me, Jordan. That was Brandon Arnold. Executive vice president of the national
KOMO
"national taxpayers association" Discussed on KOMO
"All news station northwest news radio Northwest news time 8 O 5 art Sanders and here's what's happening tough talk from Seattle mayor Bruce harrell today as he launched an aggressive public safety plan focusing on violent crime and the problems coming from homeless encampments John O'Brien was there Bruce Harold pulled no punches Overall violent crime increased by 20% reaching the highest level we've seen in 24 years Shootings and shots fired jumped by 40% over 2020 and all time high We will not tolerate crimes as signal a city is out of control or looking the other way We will not tolerate crimes that create intense fear The newly elected mayor quickly focused on crime hotspots in the first 21 days he says there were 37 arrests most felonies in little Saigon stolen property and drug seized police chief Adrian Diaz I've been doing community walks meeting with business owners and residents I hear people's concern and what everyone is dealing with But Harold is looking like a no nonsense mayor When I see crime when I see people still living in the house I have a sense of urgency And maybe more importantly political will John libertini northwest news radio Another teen who escaped from a King County juvenile detention facilities now charged the 15 year old is charged with 6 different crimes including escape kidnapping robbery and theft of a motor vehicle He and four other teenagers were accused of breaking out of the echo Glen children's center locking two guards in cells and stealing a car to escape for the teens have been arrested so far Police are still looking for the 5th Case two toss out Washington's capital gains tax is not before Douglas county judge state argues that it's in excise tax on sales of assets like the tax on real estate sales Joseph bishop henchman of the national taxpayers association told the court that state lawmakers played a semantics game with attacks which is measured by the income from the asset sale You need more than magic words to turn attacks that acts like an income tax and talks like an income tax into something that's not an income tax Washington capital gains is an income tax to the extent Washington's constitution and binding precedents preclude an income tax They preclude this capital gains tax Judge says he'll review the arguments and issue a written ruling in the next few weeks Do marijuana products that emerged after the federal government legalized hemp would be regulated in Washington under a new bill Ryan Harris explained a whole slew of these products which contained delta 8 delta 9 and delta ten THC were derived from hemp after legalization four years ago These products can get you high and they can be found for sale everywhere from Amazon to your corner gas station to anyone who wants to buy them including your kids State liquor and cannabis board director.
KOMO
"national taxpayers association" Discussed on KOMO
"Of your neighborhood bodega and away from your kids Those stories are more after ABC checks the world He didn't mince words president Trump is wrong I had no right to overturn the election The presidency belongs to the American people in the American people alone Former vice president Pence telling the federalist society that the former presidents claim that he could have certified the 2020 refused to certify the 2020 Electoral College vote is wrong Supreme Court is weighing Alabama's request to freeze a court order that it draw a new congressional line and create a second district with a significant number of black voters The U.S. is reported more COVID deaths than any other country Johns Hopkins University which tracks its statistics worldwide says Lee's topped 900,000 today and there's no reprieve in the number of people who need lifesaving care All I just want to say is please just be nice Please be nice None of us are doing okay Nurse Kelly Hale at mercy hospital in Oklahoma City Daria albinger ABC News Stay connected stay informed with the northwest's only all news station northwest news radio 6 31 we continue with our top stories now I'm Rick founds Iceland with a Lisa jaffee and here's what's happening New Seattle mayor Bruce harrell laid out a broad public safety plan today violent crime is at the 24 year high but as John lo bertini reports the skyrocketing use of guns makes for a more difficult fight The streets have become a more dangerous place Violent crime increase by 20% in much of that violence is gun related Seattle police chief Adrian Diaz We recovered over 3200 shell casings and 612 shots fired That's almost two shots fired a day Shootings and shots fire jumped by 40% in 2021 to an old time high Who's pulling the trigger Mayor Bruce harrell has questions but the answers may be more troubling Chief Diaz homeless related shootings and shots fired increased by a 122% There are gun control options but the mayor says they're complicated I don't know how many lives have to be lost before we realize we are one of the few states allowing the state to govern the laws we need The short answer is probably too many John libertini northwest news radio Well the question on whether to toss out Washington's capital gains tax is now before a Douglas county judge The state argues it's an exorcist excise tax on sales of assets such as the tax on real estate sales Joseph bishop henchmen of the national taxpayers association though told the court that state lawmakers play the semantics game with attacks which is measured by the income from the asset sale We need more than magic words to turn attacks that acts like an income tax and talks like an income tax into something that's not an income tax Washington capital gains is an income tax to the extent Washington's constitution and binding precedents precluded income tax They preclude this capital gains tax The judge says he'll review the arguments and issue a written ruling in the next few weeks New marijuana products that emerged after the federal government legalized hemp would be regulated in Washington under a new bill Ryan Harris explains A whole slew of these products which contain delta 8 delta 9 and delta ten THC were derived from hemp after legalization four years ago These products can.