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Americans warned about looming IRS audits of Venmo payments: 'They're targeting you'.
Fox News ^ | 12.06.2022 | Madeline Coggins

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 ...


TOPICS: Business/Economy; Extended News; Front Page News; Government; News/Current Events
KEYWORDS: 1099k; audit; irs; irsnazis; irsscum; paypal; targets; taxes; venmo
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Third-party payment processors must report business transactions to the IRS if they exceed $600 for the year.

Raymond Arroyo warns against new IRS rules: 'This is a honey pot for audits'.

1 posted on 12/06/2022 4:48:00 PM PST by Carriage Hill
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To: Carriage Hill

Which was the point, nobody bothered to try and stop it when the Rats slammed it through Congress. Now it’s too late.


2 posted on 12/06/2022 4:49:47 PM PST by Timber Rattler ("To hold a pen is to be at war." --Voltaire)
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To: Carriage Hill

I’m guessing eBay will be turning-over records to the criminal IRS, as will PayPal etc etc etc.


3 posted on 12/06/2022 4:50:29 PM PST by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Carriage Hill

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.


4 posted on 12/06/2022 4:51:42 PM PST by fruser1
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To: Carriage Hill

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


5 posted on 12/06/2022 4:51:46 PM PST by PGR88
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To: Carriage Hill

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.


6 posted on 12/06/2022 4:51:57 PM PST by Reno89519 (I do not support Trump 2024, but if he does become candidate, I will vote for him.)
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So I give someone a grand, and he’s obliged to pay tax on that again?


7 posted on 12/06/2022 4:53:00 PM PST by Gene Eric (Don't be a statist!)
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To: Reno89519
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.

As I cast an eye toward DC, I'm wondering what the heck you are talking about.

8 posted on 12/06/2022 4:53:22 PM PST by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
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To: Carriage Hill

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.


9 posted on 12/06/2022 4:54:27 PM PST by Vermont Lt
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To: Reno89519

It’s a corrupt, evil tax system mate.


10 posted on 12/06/2022 4:55:39 PM PST by Bonemaker (invictus maneo)
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To: Gene Eric

What did you give them the money for? Was it a gift? Non taxable. And legal.


11 posted on 12/06/2022 4:55:43 PM PST by Vermont Lt
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To: PGR88

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.


12 posted on 12/06/2022 4:56:44 PM PST by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Reno89519
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 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?

13 posted on 12/06/2022 4:57:14 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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To: Carriage Hill

Madoff was a big time political donor.
88% to Democrats.


14 posted on 12/06/2022 4:59:24 PM PST by nascarnation (Let's go Brandon!)
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To: Carriage Hill

Will the Big Guy be audited for his 10%?


15 posted on 12/06/2022 5:00:45 PM PST by KarlInOhio (Soon the January 6 protesters will be held (without trial or bail) longer than Jefferson Davis was.)
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To: Gene Eric

> 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.


16 posted on 12/06/2022 5:00:46 PM PST by Leaning Right (The steal is real.)
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To: Reno89519
So are we going to all start declaring Christmas gifts now?

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...

17 posted on 12/06/2022 5:01:52 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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To: Carriage Hill

Thanks, RINOs. The Dems have no power without you.


18 posted on 12/06/2022 5:01:52 PM PST by ArcadeQuarters (Remember the 2020 backstabbers. No more RINOs ever!)
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To: Gene Eric

If it is a gift, then it should fall under the gift tax exemption.


19 posted on 12/06/2022 5:02:00 PM PST by ConjunctionJunction (Vim vi repellere licet)
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To: ConjunctionJunction
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?

20 posted on 12/06/2022 5:04:22 PM PST by frogjerk (More people have died trusting the government than not trusting the government.)
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