Citizen Journalists may owe IRS taxes

To think, if you had only been around to tell people like Ben Franklin they had no idea what they was doing and were only wasting their time, the American publishing industry could have saved itself 300 years of wasted time and effort.

Fool.

 

No, it doesn't.

 

When they receive a tax bill they can find a citizen accountant or citizen attorney to lend assistance.

 

I'm wondering how many bloggers on Bleacher Report stay with it after a month or two.

 

nice

 

It looks like the companies and the citizen journalists are gonna be forking up some major cash by April or risk being audited.

At least Uncle Sam can gain some extra cash out of this and the greedy companies who lay folks off in favor of free workers are going to get theirs.

 

how would the companies be forking over any cash to irs? looks to me like this would hit just the citizen journalists.

 

If the IRS proceeds, it'll be all sorted out by about 2015.

 

Maybe I'm missing something here, but if you aren't getting paid, why would you owe taxes?

 

From IRS web site:

Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.

 

Lucky thing for citizen journalists that Tim Geithner doesn't understand the tax code ...