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☆ Miami's mayor said the 'single hottest city in the world' will keep attracting tons of transplants in 2023
▼ + stars: | 2022-12-31 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +7 min

Miami Mayor Francis Suarez predicted people from all over the world would move to Miami in 2023. Suarez predicted Miami would effectively weather a recession. As the top executive for the city, Miami Mayor Francis Suarez has shepherded along much of the city's economic changes by encouraging tech and venture capital companies to plant offices downtown. Miami Mayor Francis Suarez, a Republican, predicted the Magic City would be able to weather a recession. As some analysts forecast a global recession hit in 2023, the mayor predicted Miami would be able to weather it.

☆ It's about to get even harder to find affordable childcare
▼ + stars: | 2022-12-30 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Childcare providers may be forced to raise prices even higher to stay afloat. Childcare is going to "become even more unaffordable for the middle class families"For parents who manage to find childcare, it's likely to cost them heavily. "Now that childcare funds are going to start fading away, the cost of childcare is going to go up again and become even more unaffordable for the middle class families," she said. Declining enrollment numbers would then create yet another obstacle for childcare providers — thousands of which have already closed over the last few years. And it's not just childcare providers that would feel the pain.

☆ The enduring career of Chuck Schumer, who rose from the House of Representatives in the early 1980s to become the powerful Senate majority leader
▼ + stars: | 2022-12-26 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Senate Majority Leader Chuck Schumer is one of the most powerful lawmakers in Washington, DC. He was elected to a Brooklyn- and Queens-anchored House seat in 1980 when he was just 29 years old. Schumer won his first Senate race in 1998 and became the leader of the Democratic caucus in 2017. He also served as chair of the Senate Democratic Policy Committee and vice chair of the Senate Democratic Caucus before succeeding Harry Reid of Nevada in 2017 as leader of the Senate Democratic Caucus. And last November, Democrats flipped the open US Senate seat in Pennsylvania being vacated by GOP Sen. Pat Toomey, securing a 51-49 majority headed into the new Congress.

☆ The IRS Grants a Harassment Reprieve
▼ + stars: | 2022-12-24 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The Internal Revenue Service isn’t usually a bearer of good news, but on Friday it brought holiday cheer by granting a one-year reprieve from a burdensome reporting mandate that could have ensnared any American who made extra cash selling used goods on eBay . It would have been better if Congress had repealed the mandate. Third-party payment processors such as eBay, Amazon and PayPal previously had to send 1099-Ks only to taxpayers with at least 200 transactions and $20,000 of revenue. Democrats lowered the threshold to $600 in their March 2021 American Rescue Plan Act to catch Americans they claim are cheating on their taxes.

☆ Congress created an actual safety net for Americans during the last crisis. Don't expect that to happen again.
▼ + stars: | 2022-12-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

Congress enhanced unemployment benefits and gave parents monthly checks during the first two years of the pandemic. For Maggie Lopez, a single mother in Texas, the checks meant some breathing room for her and her newborn. The enhanced unemployment had a ripple effect, according to Evermore: People were able to stay home safely. In the case of enhanced unemployment, some states decided to end their participation in federal programs early, leaving many workers in dire straits. After Congress failed to renew a reduced version of the child tax credit at the end of 2021, child poverty once again ticked up.

☆ IRS delays $600 income reporting rule for U.S. gig workers
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 23 (Reuters) - The U.S. Internal Revenue Service said on Friday it would delay a new rule requiring more extensive reporting by gig workers and others who are paid through third party apps, after complaints the rule was too onerous. The rule, part of the COVID-19 relief bill called the "American Rescue Plan," would have required people paid over $600 in 2022 on third party payment apps like Venmo or PayPal to report that figure as income to the tax agency. "The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. Millions of Americans earn significant portions of their income through freelance gigs, selling items through websites like eBay and Etsy and through home rental apps. Reporting by Heather Timmons; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ IRS delays tax reporting change for 1099-K on Venmo, Paypal business payments
▼ + stars: | 2022-12-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

The IRS has delayed, for a year, when payment services such as Paypal and Venmo and e-commerce companies such as eBay , Etsy and Poshmark will have to issue tax forms to individuals whose business transactions through those platforms exceed $600. The agency on Friday said that such third-party platforms won't have to use that threshold for when they report 2022 tax-year transactions on a Form 1099-K, which goes to both the IRS and taxpayer. Instead, they can rely on pre-2022 threshold of more than 200 transactions worth an aggregate above $20,000. Even without the new reporting requirement in place, income from business transactions through such platforms is still taxable, which means sellers must report it. The delay only means business activity won't generate a 2022 tax form at that low threshold.

☆ IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps
▼ + stars: | 2022-12-23 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —Anyone getting paid for their goods and services through apps like Venmo, PayPal or CashApp, or platforms like Etsy and Airbnb, just got a reprieve from the IRS. But the 1099-K reporting will make it harder for someone to evade the taxes they owe by underreporting their business income. The rule also does not apply to personal transactions you conduct on an electronic payment platform. Lastly, the 1099-K reporting rule does not apply to any transactions made through Zelle. But the IRS may still get reporting on at least some of your business transactions on Zelle, Walker said.

☆ Hagerty, Manchin propose $10,000 threshold for Venmo, PayPal tax reporting change — up from $600
▼ + stars: | 2022-12-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Sen. Bill Hagerty, R-Tenn., will file an amendment to the $1.7 trillion spending package, to increase the threshold for Form 1099-K, according to Sen. Joe Manchin, D-W.Va., the proposal's lead co-sponsor. The tax reporting threshold applies to transfers using third-party payment networks including Venmo and PayPal . In an exclusive interview with CNBC, Manchin said the amendment would increase the payment threshold to $10,000 from $600 for the 2022 tax season. "This is the best relief we can get for people," said Manchin, referencing the $10,000 threshold as "the best way to approach it." He believes that raising the threshold to $10,000 has broader support than delaying implementation of the new rule.

☆ Biden's big pandemic stimulus bill is helping get more than 100,000 homeless people into housing by the end of the year
▼ + stars: | 2022-12-20 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

The Biden administration announced its plan to cut US homelessness by 25% in 2 years. That's according to an announcement from the White House this week, in which the Biden administration outlined its plan to build on homelessness-reducing initiatives started during the pandemic. ARP money is already on track to secure permanent housing for more than 100,000 people through the end of 2022, the White House said. There's reason to believe that the Biden administration's plan to address these surges is a promising one, Berg said. "In the past, the focus was a lot on what homeless programs are doing to get homeless people back in housing, which is very important and I don't want to put that down," he said.

☆ Tax pros ‘expecting the worst' with Venmo, PayPal tax reporting change. How to handle a 1099-K for personal payments
▼ + stars: | 2022-12-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the tax season approaches, many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you'll receive Form 1099-K, which reports income to the IRS, for business payments over $600. But experts say it's possible you'll receive 1099-Ks for personal transfers by mistake. "As tax preparers, we are more or less expecting the worst," said Albert Campo, a certified public accountant and president of AJC Accounting Services in Manalapan, New Jersey. But the American Rescue Plan Act of 2021 dropped the threshold to just $600.

☆ Stephen Miller led-group emerges as top legal foe of Biden initiatives
▼ + stars: | 2022-12-14 | by ( Chandelis Duster | ) edition.cnn.com time to read: +4 min

CNN —A conservative legal group led by former top Trump aide Stephen Miller has emerged as a frequent opponent to several Biden administration initiatives by mounting court challenges, succeeding in blocking policies they say are examples of reverse discrimination. Miller touts America First Legal as “the long-awaited answer to the (American Civil Liberties Union),” and his group has garnered several legal victories against the Biden administration in the past few weeks and months, most notably on issues of racial discrimination. The lawsuits led to an injunction that blocked the debt relief payments. Several Black farmers and social justice advocates have said Miller’s actions are harmful. “I want to set the record straight – no one is against White farmers in this country,” John Boyd Jr., 57, a fourth-generation farmer who is founder and president of the National Black Farmers Association, told CNN.

☆ Child tax credit: Democratic lawmakers make last-ditch effort to enhance benefit
▼ + stars: | 2022-12-11 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

CNN —Buoyed by the steep drop in child poverty last year, a group of Democratic lawmakers and progressive advocates are pushing hard to restore at least part of the enhanced child tax credit that stabilized many families’ finances in 2021. GOP Sen. Mitt Romney of Utah, a longtime advocate of the child tax credit, crafted an enhanced version earlier this year, along with fellow Republican Sens. The 2021 enhancementThe American Rescue Plan made three significant changes to the child tax credit for 2021. A reduction in child povertyThe expansion lifted 2.1 million children out of poverty in 2021, according to the Census Bureau. It helped drive child poverty to 5.2%, a drop of 46%, according to the bureau’s Supplemental Poverty Measure.

☆ You may get a 1099-K for Venmo and PayPal payments. Here's how to prepare — and shrink your tax bill
▼ + stars: | 2022-12-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you've accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. "There's no change to the taxability of income," the IRS noted in a release Tuesday about preparing for the upcoming tax season. Before 2022, you may have received a 1099-K if you had more than 200 transactions worth an aggregate above $20,000. More from Personal Finance:IRS warns about new $600 threshold for third-party payment reportingTax 'refunds may be smaller in 2023,' warns IRS. Here's what to know about reporting 1099-K payments on your return and how to reduce your tax liability.

☆ White House says it has 'every reason to expect' Kyrsten Sinema will keep working with Biden as she leaves the Democratic party
▼ + stars: | 2022-12-09 | by ( Kayla Gallagher | Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

Arizona Sen. Krysten Sinema announced Friday that she's leaving the Democratic Party to be an independent. The White House said that even with Sinema's party change, it expects to keep working closely with her. A White House spokesperson did not respond when asked whether the White House received advance warning about her decision and whether Biden has spoken with her. As Vice President, Biden was credited with playing an outsized role in persuading then-Sen. Arlen Specter to switch parties from Republican to Democrat in 2009. Sinema told Politico that her departure from the Democratic Party stems from her feeling like she "never really fit into a box of any political party.

☆ Biden's big pandemic stimulus bill is still helping prop up pension funds nearly 2 years after it was passed
▼ + stars: | 2022-12-08 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Tucked in President Joe Biden's first big stimulus package was a provision to help fund pensions. Previously, there was a multiemployer pension crisis looming, with some potentially unable to pay out. But the money from the American Rescue Plan Act propped up 350,000 more workers' pensions. The nonpartisan Congressional Budget Office estimated that the provision in the American Rescue Plan would cost $86 billion, according to the House Committee on Education and Labor. The pension relief comes as Republicans potentially eye cuts to Social Security, another major social safety net for the elderly and retirees.

☆ Biden releasing nearly $36 billion to aid pensions of union workers
▼ + stars: | 2022-12-08 | by ( ) www.cnbc.com time to read: +2 min

President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States. Many union retirement plans have been under financial pressure because of underfunding and other issues. Biden traveled to Ohio in July to highlight the final rules for the pension relief program. The amount going to the Central States Pension Fund represents somewhere between one-third and one-half of the total estimated cost of the federal aid program. The retirement plan has participants in almost every state, with the largest concentration in the Midwest.

☆ Live Results: Democrat Raphael Warnock and Republican Herschel Walker face off in the Georgia Senate runoff
▼ + stars: | 2022-12-06 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Raphael Warnock and Herschel Walker are fighting to the finish in Georgia's Senate runoff. Warnock is seeking a full 6-year term, while Walker hopes to knock off the incumbent Democrat. Both parties see the Senate runoff as a proving ground in advance of the 2024 presidential election. Before Warnock and Ossoff won their races last year, a Democrat hadn't won a US Senate seat in Georgia since Zell Miller in 2000. Walker has raised $58.3 million, spent $48.5 million, and has $9.8 million left to spend, as of November 16.

If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600. Before 2022, third-party transactions for business owners and side hustlers followed different thresholds: individuals needed to report gross payments exceeding $20,000 and report earnings if they had more than 200 such transactions, according to the IRS. According to the IRS, you should receive this form from each third-party payment platform you received transactions through. If you need to hire a professional, consider using a business credit card, like the Ink Business Unlimited® Credit Card or the American Express Blue Business Cash Card, so you can get rewarded for the business expense. The Ink Business card lets you earn 1.5% cash back on all business-related expenses and the Blue Business Cash card gives you 2% cash back on eligible business purchases.

☆ 'A lot of people are going to see less money in their pocket.' Here are must-know tax changes for 2022
▼ + stars: | 2022-12-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Tom Werner | DigitalVision | Getty ImagesCertain tax credits have been reducedOne possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have been reduced for 2022, explained certified financial planner Cecil Staton, president and wealth advisor at Arch Financial Planning in Athens, Georgia. "The big picture is a lot of people are going to see less money in their pocket," Staton said. In 2021, the child tax credit offered up to $3,600 per child under age 6, and up to $3,000 per child ages 6 through 17, with half available via upfront payments. But for 2022, the tax break reverts to the previous amount — up to $2,000 per child under age 17. You may get Form 1099-K for third-party paymentsIf you've received payments through apps like Venmo or PayPal in 2022, you may get Form 1099-K in early 2023, which reports income from third-party networks.

☆ The Child Tax Credit Is a Failed Experiment
▼ + stars: | 2022-11-29 | by ( Scott A. Hodge | ) www.wsj.com time to read: 1 min

Advocates are pushing Congress to extend and make permanent the temporary expansion of the child tax credit included in the American Rescue Plan of 2021, claiming this would reduce childhood poverty. I was one of the inventors of the child tax credit, nearly 25 years ago—and I think it’s a bad idea. Since the child tax credit was enacted in 1997, it has become one of the largest federal income transfer programs. It is one of the leading reasons that more than 40% of all filers pay no income tax. The beleaguered Internal Revenue Service isn’t the right agency to play such a big role in addressing poverty.

☆ Community health groups that played crucial role during Covid-19 pandemic say they’re being left out of government funding
▼ + stars: | 2022-11-28 | by ( Elizabeth Cohen Lauren Mascarenhas | Elizabeth Cohen | Lauren Mascarenhas | ) edition.cnn.com time to read: +13 min

“A lot of times, the funding streams have names that say ‘community,’ ‘community-based organizations’ or ‘community health workers,’ but the funding often goes to states and doesn’t end up helping at a grass-roots level,” said Denise Smith, executive director of the National Association of Community Health Workers. “HRSA strongly values the critical role that community health workers play – and can increasingly play – in supporting the health and well-being of communities. “Community health workers are frontline public health workers who are trusted members of the community they serve. The group’s promotores de salud, or community health workers, encouraged vaccination and set up a hotline to distribute accurate information about the virus. “Grantees will be able to hire community health workers, as needed and appropriate,” said Nordlund, the CDC spokesperson.

☆ A razor-thin Senate buffer and 2024 chances are at stake in Georgia's runoff next week between Raphael Warnock and Herschel Walker
▼ + stars: | 2022-11-28 | by ( John L. Dorman | ) www.businessinsider.com time to read: +7 min

Early voting has started for the Georgia Senate runoff between Raphael Warnock and Herschel Walker. A Warnock victory would usher in a 51-49 Democratic majority, while the GOP hopes for a 50-50 split. Georgia Republican Senate nominee Herschel Walker speaks with supporters during a campaign rally in Milton, Ga., on November 21, 2022. Angus King of Maine and Bernie Sanders of Vermont — who caucus with the Democratic Party, creating an equal split in the upper chamber. However, some Republicans would prefer that Trump remain at Mar-a-Lago, worried that he could cost them another Senate win.

☆ Side-hustlers who get paid via Cash App and Venmo risk being audited if they don't report their earnings, IRS warns
▼ + stars: | 2022-11-27 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

The IRS warned people who make over $600 from side hustles should declare earnings to avoid audits. Workers who get paid via apps including Venmo, Paypal, and Cash App should file the tax form 1099-K.Tax expert Lisa Niser told Insider the "worst case" could be penalties for insufficient filings. People who are earning income in addition to their full-time job, as well as gig workers, should file the tax form 1099-K to declare earnings, the IRS said. Tax expert Lisa Niser told Insider that the "worst case" for people who don't declare earnings to the IRS is that "they are audited" and could be subjected to penalties and accrue interest. It added: "You must report on your income tax return all income you receive.

☆ IRS warns taxpayers about new $600 threshold for third-party payment reporting
▼ + stars: | 2022-11-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The IRS on Tuesday shared tips for the upcoming tax season — including a reminder about the new $600 threshold for receiving Form 1099-K for third-party payments. The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods, according to the IRS. Before 2022, the federal Form 1099-K reporting threshold was for taxpayers with more than 200 transactions worth an aggregate above $20,000. However, Congress slashed the limit as part of the American Rescue Plan Act of 2021, and a single transaction over $600 may now trigger the form. More from Personal Finance:Biden administration extends payment pause on student loan debt'The stakes are high.'

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