Skip to comments.Americans warned about looming IRS audits of Venmo payments: 'They're targeting you'.
Posted on 12/06/2022 4:48:00 PM PST by Carriage Hill
Critics are sounding the alarm on the Internal Revenue Service significantly lowering the threshold for transaction reporting through payment apps, warning the change signals a new level of government overreach that targets small businesses and middle-class Americans. The IRS issued a reminder last week to taxpayers who utilize third-party payment processors like Venmo and PayPal about changes to reporting income in an updated explainer on their website. These changes created by the American Rescue Act now require the platforms to report any transaction over $600.
(Excerpt) Read more at foxnews.com ...
Raymond Arroyo warns against new IRS rules: 'This is a honey pot for audits'.
Which was the point, nobody bothered to try and stop it when the Rats slammed it through Congress. Now it’s too late.
I’m guessing eBay will be turning-over records to the criminal IRS, as will PayPal etc etc etc.
Banks and credit cards routinely hand your transaction info over to the gov.
New players like venmo weren’t thinking about doing that.
Hence the legislation.
Meanwhile, Sam Bankman-Fried remains free (and gets PR coverage from US state-run media) after defrauding nearly a million account holders in his FTX exchange
I don’t think they lowered the rate, they’re just now going to start checking. And I still have no problem with people being audited for their income that they unreported. Everyone should be reporting their income, honestly and completely, let’s all play fair.
So I give someone a grand, and he’s obliged to pay tax on that again?
As I cast an eye toward DC, I'm wondering what the heck you are talking about.
I pay the lawn company through Venmo. I would expect him to handle that income in the same manner I handled my credit card receipts.
None of this is a secret. I understand paying taxes sucks, but everyone should pay their taxes.
It’s a corrupt, evil tax system mate.
What did you give them the money for? Was it a gift? Non taxable. And legal.
He’s in the “protected class”, so he gets a pass. I doubt he’ll ever see the inside of a prison cell, like Maddoff.
So if I sell a guitar for say $1000 which I bought years ago for $800 I am now going to have to explain this to the IRS and you are OK with this? Why do you think the government has to be aware of ordinary citizens using nominal sums of money?
Madoff was a big time political donor.
88% to Democrats.
Will the Big Guy be audited for his 10%?
> So I give someone a grand, and he’s obliged to pay tax on that again? <
I believe that the first $16,000 per year per person is tax free. But I’m not 100% sure. As a test, please send me $17,000. Then we’ll see what happens.
You are out of your MIND!
I say this because so many innocent people are going to be caught up in this, just you wait. With 87,000 more IRS agents they are going to come knocking on your door soon...
Thanks, RINOs. The Dems have no power without you.
If it is a gift, then it should fall under the gift tax exemption.
Thank you master. Where do I fill out the paperwork and sign so that 6 years from now I can be audited because there is a discrepancy and the gov is broke trolling for cash. Do you see the potential problems this is going to cause not just now but in the future?
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