Black Friday saw no charitable activity at all in the campaigns we follow as they all went blank for the shopping holiday with no new contributions and larger issues pending as a tax change for 2024 may come into play for unsuspecting auditors and YouTube personalities.
As of the 2024 tax season, anyone making more than $600.00 for the year on Venmo, Cash app and PayPal for goods and services will receive a 1099K tax form from the service provider and the service provider will be reporting that income to the IRS.
While it might not mean much to those who are not taking in a lot of money or someone who is only receiving the money as gifts from friends and followers, for someone like Jose “Chille” DeCastro, who took in thousands from countless donations and sales from PayPal, Cash App and Venmo, investment in a good tax person might be a life saver come tax time.
DeCastro is notorious for his abstract filing system, telling those who donate to his many fundraisers just to put in a notation that it’s for whatever cause he’s raising money for. However, that doesn’t consider those donations he gets that don’t have a note or the money from the fundraiser that he then uses for his own transactions.
His failed attempt to get a 501(c)(3) tax free charity organization off the ground (which still hasn’t happened despite his promises that it would be coming back in 2023), might actually make things even harder for DeCastro as he never opened individual accounts to handle his charitable donations and continues to mix his personal and business finances with those of his supposed charitable contributions.
The change in the law was ignored for the 2022 and 2023 tax seasons, the law is going to be implemented for the 2024 tax season with a break for consumers. Those making over $600.00 from the payment processors are going to be getting the forms, the IRS is only worried about those making over $5,000.00 from the providers for the year.
Also, since they are supposed to only apply to transactions where someone is expecting something back for the money they paid, DeCastro could dodge a bullet if his records keeping is top notch, however.
For example, a trifold sale through Venmo would count, while a $200.00 donation to Jason Dollarhide’s fundraising campaign may not count, for example, unless the person who donated was promised goods and services in response to that donation.
From the state of DeCastro’s record keeping that we’ve all seen during his videos… there may be problems ahead for everyone’s favorite trifold salesman come tax time.
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