The full title of this column is Peirspictiochtai Ar An Saol, which is Gaelic for Perspectives on Life, written by Richard McDonough. It will show up on Wednesdays, but the first one is coming on Wednesday, Jan. 10, 2024.

Income Taxes Due Versus Reporting of Income Part Four

Peirspictiochtai Ar An Saol

Income Taxes Due Versus Reporting of Income, Part Four

irs logo irsThe Internal Revenue Service is responsible for collecting taxes due to the Federal government. (This image was provided courtesy of the Internal Revenue Service.)

The bedrock of the Federal income tax system is voluntary compliance.

That's what the leaders of the United States like to tout.

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Income Taxes Due Versus Reporting of Income Part Three

Peirspictiochtai Ar An Saolirs building constitution avenue facade general services administration 50This is the façade of the headquarters of the Internal Revenue Service Building facing Constitution Avenue in Washington, DC. (This photograph was provided courtesy of the U S General Services Administration.)

If you receive $5,000 or more during Year 2024 through "Payment Card and Third-Party Network Transactions," you'll be receiving a Form 1099-K detailing those payments. That Form 1099-K will likely be sent to you in January of 2025.

The Internal Revenue Service (IRS) will also get a copy of your Form 1099-K.

Businesses that provide "Payment Card and Third-Party Network Transactions" include a number of digital platforms utilized by many Americans.

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Income Taxes Due Versus Reporting of Income Part Two

Peirspictiochtai Ar An Saol

Income Taxes Due Versus Reporting of Income
Part Two

u s department of the treasury logo usdotThe Internal Revenue Service is part of the U S Department of the Treasury. (This image was provided courtesy of the U S Department of the Treasury.)

In early 2025, the Internal Revenue Service (IRS) will start receiving notification of the Americans who received $5,000 or more through "Payment Card and Third-Party Network Transactions" during Year 2024.

According to the IRS, "Third party payment organizations include many popular payment apps and online marketplaces."

A few examples of these digital platforms: Airbnb, Block, and StubHub.

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Income Taxes Due Versus Reporting of Income Part One

Peirspictiochtai Ar An Saol

Income Taxes Due Versus Reporting of Income
Part One

irs building u s embassy in barbados the eastern caribbean and the organization of eastern caribbean states 70The Internal Revenue Service is headquartered in Washington, DC. (This photograph was provided courtesy of the U S Embassy In Barbados, the Eastern Caribbean, and the Organization of Eastern Caribbean States.)

Many Americans complain about the taxes that they pay. Few Americans want to pay more taxes than they absolutely have to pay no matter what.

(Yes, there are a few Americans who state – publicly – that they want to pay more in taxes. These individuals are usually very wealthy – very, very wealthy – and could choose to pay more for governmental operations if they actually wanted to do so. They would just write a check – or wire the funds – to the governmental entity of their choice. Some do that, but the reality is that very few Americans do so.)

Yet, Americans also want – nay, demand – a wide variety of services from those same governmental entities.

You can't typically get those services without someone paying the bills.

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