So they never had the resources to go after the rich, is that a joke. Rich people are far more likely to get audited than the average person. They always say they are only going after the rich, then it trickles down to the average earner.
Paypal drastic changes
When you’re paid for goods and services, the US Internal Revenue Service (IRS) considers this reportable income.
Once you receive $600 in payments for goods and services within a calendar year, tax laws require us to withhold 24% of such payments when you have not confirmed your taxpayer status by either providing your US tax ID or completing a Certificate of Foreign Status. This 24% is sent to the IRS as backup withholding for any potential income tax due on those payments.
You can learn more about this tax law on the IRS website.
I tried to attach a link , but it wouldn't cooperate.
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- 53 posts total
- 53 posts total