Does that €750M threshold apply to the global company or just operations in a specific country? Like if a company makes €800M worldwide but only €100M in France, would it still be subject to the minimum tax in France?

The €750M threshold applies to global consolidated revenue of the multinational group, not the revenue in each specific country. So in your example, a company with €800M worldwide revenue would be subject to the minimum tax rules even if they only had €100M in France. This is actually one of the key points of the agreement - it's designed to capture large multinationals that might have relatively small operations spread across many countries. The threshold was set to target the largest 10-15% of multinational enterprises while excluding smaller companies that would face disproportionate compliance burdens.

That's a really good point. Do you think there's any chance the OECD will modify the agreement to address these concerns? Or are developing nations just going to be left behind?

Do you know what the threshold amounts are for filing? Like is there a minimum amount you have to win in a state before you're required to file there? I won about $800 total across 3 different states but lost about $500 in my home state.

Each state has different filing thresholds. Generally, you need to file a nonresident return if your income from that state exceeds the standard deduction for that state, or in some cases, if your gross income exceeds a certain amount regardless of deductions. For example, New Jersey requires nonresidents to file if their income from NJ sources exceeds $1,500. Pennsylvania requires you to file if you have any PA-source income regardless of the amount. Michigan requires filing if your MI income exceeds $20,000. So for your $800 spread across 3 states, it really depends on which states they are and how much you won in each one.

What app was your friend using? I use BetMGM and haven't gotten any notices despite betting in multiple states. I'm wondering if different apps have different reporting practices to states.

What's the difference between gross income and net profit for this $400 threshold? Like if I made $2,000 in sales but spent $1,700 on supplies and expenses, would I still need to file?

The $400 threshold refers to net profit, which is your gross income minus your business expenses. In your example, if you made $2,000 in sales but had $1,700 in legitimate business expenses, your net profit would be $300. Since that's below the $400 threshold, you technically wouldn't be required to file based solely on your self-employment income. However, keep in mind there might be other reasons you'd need to file a tax return, and it's generally a good practice to file anyway so you have documentation of your business activity, especially if you plan to claim business losses.

This is super helpful. I've been on the fence about filing since I only made about $300 with my new photography business. Do you think it's worth paying for tax software or a professional just to file when I made so little?

So what if I've never filled out Form 8606 before but I've been doing backdoor Roth conversions for years? Am I in trouble? I honestly just let my tax software handle it without understanding what it was doing.

You should go back and file Form 8606 for any year you made non-deductible IRA contributions. This form is required even if you don't file a tax return, as it's how you track your basis in your Traditional IRA. If you've been doing backdoor Roth conversions through tax software, the software likely prompted you for the information and completed Form 8606 for you. Check your past returns to see if it's there. If not, you should consider filing amended returns to include Form 8606 for those years to establish your basis properly. Without this documentation, you risk being taxed twice on those contributions.

This makes so much sense! So my 401k rollover to an IRA was technically a "distribution" too, but not a taxable one since the money stayed in a tax-advantaged account?

I'm guessing it's for system maintenance and updates. Most big financial systems have a daily maintenance window - banks often do similar things in the middle of the night. 11:45pm-midnight ET probably affects the fewest users across all US time zones while still being overnight for the IRS east coast operations.

That makes sense about the maintenance window. Just seems poorly timed during tax season when so many of us are burning the midnight oil trying to get things filed. They should at least put a more visible warning on the site about it!

Yes, absolutely save the payment confirmation as proof. Take a screenshot or save the PDF they email you. While the IRS system should automatically register your extension when you make that payment, having documentation is crucial if there's ever a question about whether you filed for an extension on time. I recommend saving it in multiple places (email, cloud storage, etc.) just to be safe. I've had clients who needed this proof years later during audits.

Thanks for confirming! I just did the $1 payment and saved both a screenshot and the PDF they sent. Feeling much better now knowing I have solid proof of the extension filing. I need the extra time to sort through some investment documents that still haven't arrived.