Biden Uses IRS To Spy On Citizens
President Biden is now forcing the IRS to collect reports of payments exceeding $600 made on third-party apps such as Venmo, PayPal and Cash App.
Biden and his administration want to make sure that small businesses are paying their fair share in taxes.
According to the Daily Mail, starting on Jan. 1, 2022, third-party payment processors are going to be forced to report these transactions to the IRS. Even though businesses have always been forced to report these transactions many of them slipped by without reporting.
The new went into affect thanks to the March 2021 American Rescue Plan pushed by President Biden and the Democrats. No Republicans supported the bill.
Paypal recently issued a warning on its site saying, ‘For the 2022 tax year, you should consider the amounts shown on your 1099-K when calculating gross receipts for your income tax return. The IRS will be able to cross-reference both our report and yours.’