[팩플] “Report the earned money in the US” The US says Korean YouTubers will also take off taxes

Photo Reuters = Yonhap News

‘Youtubers around the world should report money earned in the United States.’

This is a notice posted by Google. If you don’t follow it by May 31st, you could be withheld in U.S. tax for 24% of all YouTube earnings. YouTuber income and taxes, which were’blinking’, are expected to become transparent only in the United States. I looked at the content and impact.

On the 10th, a notice was posted in the terms of the Google YouTube customer center, stating that “Youtubers who do not live in the United States must submit US tax information. It has been posted on the guide to customer centers around the world, and has also been posted on the Korean website. An e-mail notice was also sent to YouTubers.
· The target is now Those who make money with YouTubeIn other words, it is a subscriber to the’YouTube Partner Program (YPP)’. Channels with 4000 hours of video and 1000 or more subscribers in the past year can subscribe to YPP, place ads on videos, and receive ad revenue from Google.
YPP YouTubers can see in which countries their videos are viewed through their Google AdSense account and earn income such as advertisements and Super Chat. It means to report how much money you have earned in the United States. Google has guided the Internet document form.

· Even if a foreigner who does not live in the United States makes money in the United States, the IRS pays taxes (withholding tax). The tax rate varies according to the tax agreement each country has with the United States (up to 30%). It is known that the tax rate set for Korean YouTubers is around 10%. When Korean YouTubers report their income from the United States, they receive a deposit of advertising income from Google, excluding 10% of the amount. Imports outside the United States are irrelevant.
· Google announced that if YouTubers don’t report US earnings information by May 31st, they can deduct 24% of their total income. It means that even if you did not cooperate with the prior notification, money earned in other regions is considered as income in the United States, and you can pay taxes to the United States.
· If you are a domestic YouTuber with many overseas subscribers such as K-pop content, your income may be affected. However, even if you do not have any income from the United States, you must report that there is no. In the case of YouTubers belonging to MCN, the agency of YouTubers, Google remits the amount excluding US taxes to MCN.

Google is strengthening its revenue business for YouTube. This revision of the terms and conditions is also an extension of that. They will raise more profits and clarify tax issues.

· Google said in a notice, “Google is responsible for collecting and withholding tax information when YPP creators earn royalties from viewers in the United States, and report this to the IRS.” As a basis, the provisions of the “nonresident alien withholding tax” in Chapter 3 of the US Federal Tax Code were cited. The law is not new or changed. It was originally the law.
· In November of last year, Google changed the terms of YouTube. It is said that advertisements that were only attached to videos above a certain standard can be applied to all videos from this year (2021). It means that the advertisement is also placed on the video of a regular YouTuber, not YPP, and Google said that the revenue for the advertisement would be owned alone without distribution.

YouTuber’s income and taxes are becoming more transparent in the US, but Korea is still’blinking’. Google does not disclose the income of individual YouTubers to any government outside the United States.

· If the YouTuber does not report that’I earned this much’, the Korea Revenue Service has no way of knowing their income. This is because YouTuber’s ad revenue distribution is transferred by overseas Google headquarters. In 2019, the total number of single media creators (such as YouTubers) who reported their income to the National Tax Service in Korea was only 2776. Their average reported income is 315 million won.
· The’YouTuber Tax Evasion Prevention Act’ (Democratic Party lawmaker Yang Kyung-sook) has been proposed in the National Assembly. Those who receive more than 500 million won deposits through overseas financial accounts are required to file a tax return.

Reporters Shim Seo-hyun and Kim Jeong-min [email protected]

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