Under orders from President Biden, the IRS is cracking down on payments Americans receive through third-party apps and is now requiring Venmo, PayPal, and Cash App to report transactions if they exceed $600 in a single year.
The new rules are intended to allow the federal government to snoop on small businesses and ensure that they are paying every penny of their required tax payments.
While businesses were always required to self-report such income to the IRS, many don’t keep records of small transactions, thus giving the IRS room to say that they need to step in.
Payment apps were previously required to send users 1099-K forms if their gross income was either more than $20,000 or if they had more than 200 transactions in one year.
Republicans have sharply criticized the new rules, saying that the last people who need to have the government’s noose tightened further around their necks are those that are already struggling to keep their businesses afloat.
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13 Responses
The non-partisan Joint Tax Committee in Congress has estimated that tens of billions of tax obligations are unpaid as a result of these type of cash-based electronic transfers that are never reported by the recipients or payers. If you are comfortable paying higher taxes to offset tax avoidance by others than you should be outraged that the IRS is trying to collect some of the taxes due.
Zelle?
Going after the little guy!
The “good hearted” liberals.
They will protect their BIG millionaires who oil their political campaigns
Does the IRS “snoop”, or does the IRS verify that taxpayers are properly reporting all their income. YWN’s choice of words, in the second paragraph of this article, leads me to believe that YWN is siding with tax cheats.
time to kick the idiot out of the WH.
As far as I know, this is for business accounts not personal accounts.
Corrections:
1. They are required to report all transactions if they all together total 600 or more. They are NOT solely reporting transactions that are over 600 dollars.
2. This is only when selecting “paying for goods and services” not when paying “friends and family” and thats why it wont apply to zelle.
3. It will apply if you sell second hand stuff on ebay, etc if u sell more than 600 worth of stuff. But u can deduct the cost of what u sold- so keep receipts.
1. What about QuickPay?
2. Is this rule only for business accounts or for personal non-business accounts as well?
I don’t get this. Seriously. If I buy some furniture I decide I don’t like for $1500 and resell it for $800 now I have to pay taxes on a loss?
Great!
They should start with:
Pelosi
Fauci
Hunter Biden
AOC
And the rest of the liberal elites
Oh….And I forgot-
Crooked Hillary Rotten Clinton
They’re going after the people to pay their fair share
Except it isn’t after the 1%
this is a vicious circle – gov wants more money, people hide, gov searches for them, needs more money for irs, etc, gemora calls such government “wailing poor” because they are always lacking money.