New Tax Rule Blocked
Very good news for Americans.
It has just been learned that President Biden’s Internal Revenue Service has decided to put a one year delay on their new tax reporting requirement which would have forced Americans to disclose transactions over $600 on payment processing apps like Venmo, PayPal, Zelle and more.
According to Fox, acting IRS commissioner Doug O’Donnell explained, “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan. To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes.”
The delay to their new tax rules comes after Republicans raised serious complaints about the plan which President Biden and the Democrats wanted to push through.
“The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements,” O’Donnell said.
This new rule was voted through because the Democrats wanted to crack down on middle class Americans evading their taxes by not reporting their gross income.
