IRS Issues Warning To Americans
Welcome to Biden’s America.
We warned you months ago about this happening and now it finally has.
The Internal Revenue Service (IRS) is now warning American taxpayers to make sure and report any and all transactions over $600 that are done through “third-party” facilitators such as Venmo, PayPal, Zelle, and Cash App.
The IRS has warned businesses that earn over $600 per year through payment platforms that are considered “third-party” to report them on the 1099-K Forms.
According to Market Watch, “Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods,” President Biden’s IRS website said.
“The American Rescue Plan Act of 2021 lowered the reporting threshold for third-party networks that process payments for those doing business.”
President Biden and the Democrats had planned for this long ago when they passed the reconciliation package which aimed at hiring an additional 87,000 employees which more than doubles the IRS workforce.
