Free Republic

A coming crackdown on $1.6 billion in unreported tips will continue the IRS' long and ugly history of targeting low-income Americans. When President Joe Biden signed the Inflation Reduction Act last year, the White House touted how the bill's $80 billion in new funding for the IRS would "make our tax code fairer by cracking down on millionaires, billionaires, and corporations that evade their obligations."It now appears that some of those resources—and some of the coming crackdown on tax evasion—will, quite predictably, be aimed at individuals earning considerably less.This week, the Treasury Department and IRS announced plans to overhaul existing...

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.