The New $600 Tax reporting law is not a big deal but MISINFORMATION is clouding everyone's judgment. This new tax law requires cash apps like venmo, cashapp, paypal etc. to report your income once you hit $600. While the reporting is a new and DRAMATIC change to the prior reporting requirement (previously $20,000 and 200 transactions), the actual taxes owed has stayed the same (subject to tax bracket adjustments). These cashapp taxes are just adding an extra layer of SURVEILLANCE to our everyday lives. You will now have a higher chance of being audited for revenue over $600 if you conduct business in CERTAIN accounts I cover in this video. IF YOU DO NOT CONDUCT BUSINESS and don't want any problems with the IRS this is a way for you to LEGALLY avoid this ENTIRE $600 tax reporting law.

#CPA #NewTaxRules #FollowtheMoney

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