Biden's rogue IRS's new target is anyone who uses PayPal, Venmo, Cash App, or the like for more than $600 worth of transactions.
Americans for Tax Reform President Grover Norquist discusses the impact of third-party payment processor apps reporting transactions over $600 to the IRS.
If you use Venmo or PayPal, filing your taxes will look much different this year. The Biden Administration and congressional Democrats have used their one-party rule in Washington to supercharge the Internal Revenue Service , expanding its size and authority to wage war on hardworking American families and small businesses across the nation.
Democrats’ Inflation Reduction Act, which should more accurately be titled the Inflation Expansion Act, authorized $80 billion for the IRS to hire 87,000 new agents to target taxpayers. The Congressional Budget Office confirmed that this move will lead to more audits and enforcement measures for households making less than $400,000. Ultimately, this will raise taxes on all Americans.
Unfortunately, the war on taxpayers did not stop there. In January, the Biden Administration’s rogue IRS will have a new target – anyone who uses third-party payment, or Cash App. Taxpayers who conduct over $600 worth of transactions on these platforms will now be required to submit a 1099-K Form to the IRS.
This form, which includes the user’s payment data and other personal information, will be sent to anyone participating in casual, day-to-day commerce, such as selling concert tickets or baby-sitting for a relative. This is a change from prior law, which exempted most casual exchanges and applied only to individuals with transactions exceeding $20,000 or 200 individual transactions.
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