New Tax Rule Threatens Millions of Americans
This is just bullying.
If you are an American who has made money online this year, you could be in for a big surprise when you file your taxes in 2023.
According to Fox, starting next year taxpayers will have to report to the IRS any transactions made of at least $600 or more that are received via apps such as Venmo, PayPal, Zelle and Cash App.
President Biden’s IRS has already issued a warning to the small business owners about the new $600 rule and has instructed them to use Form 1099-K for third-party payments coming out to more than $600.
What’s even worse is that now third-party payment processors such as Venmo and PayPal will have to report your business transactions to the IRS as well if they exceed $600. Previously only transactions exceeding $20,000 were needed to be reported making this a very drastic change.
It looks like while President Biden and the Democrats say they are working for the middle, in reality they are shaking us down for every extra cent we make. Sadly, this will not be an issue for high-earning Americans since they likely use accountants and other financial services to avoid paying taxes via loopholes.
Tax lawyer Nancy Dollar explained, “I think it will come as a shock out of nowhere that people are getting these.”
It’s unclear how much money President Biden and the Democrats are hoping the IRS will extract from middle class Americans, however it is particularly distasteful that they are shaking down the middle class for it.
