Connect with us

Hi, what are you looking for?

Opinion

IR Hits The Brakes On Biden Tax Rule

via Pixabay License

The IRS has delayed a requirement for third-party payment apps to send Form 1099-K to the IRS and users if transactions total more than $600.

The reporting threshold will be increased to $5,000 in 2024.

The rule only applies to payments received for goods and services transactions, excluding personal transactions.

The change was intended to crack down on Americans evading taxes, but critics say it amounts to government overreach.

IRS Commissioner Danny Werfel said, “Taking this phased-in approach is the right thing to do for the purposes of tax administration, and it prevents unnecessary confusion.”

“It’s clear that an additional delay for tax year 2023 will avoid problems for taxpayers, tax professionals and others in this area,”
added the official.

The new rule means the IRS will figure out what business owners earned on the cash apps, regardless of what that individual reports.

“This doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips,” warned PayPal.

The lower reporting threshold threatens to sweep up millions of Americans who make money online.

Most Popular:

The Ugly Truth About Obama Exposed

Panic Mode: Hunter Can’t Hide Anymore

‘Woke’ Miss Universe Pageant Goes Bankrupt

You May Also Like

Opinion

Evidence collected by the infamous “January 6 Committee” has conveniently gone “missing” and was allegedly destroyed, according to Republican Rep. Barry Loudermilk of Georgia....

Gallery

Nancy Mace: Trailblazer, Veteran, and Rising Political Star Significant staff turnover Republican Rep. Nancy Mace has experienced significant staff turnover, with her entire Capitol...

Opinion

Former Navy SEAL and bestselling author Jack Carr issued a warning to Americans twenty-two years after 9/11. Just a few years ago, Joe Biden...

Opinion

Experts say the top four recommended home-defense shotguns by respected experts include the Benelli M4 tactical shotgun, the Beretta 1301 tactical shotgun, the Remington...

Opinion

President Donald Trump warned that Joe Biden would usher in far-left Democrat policies that would weaken America’s economy and embolden our enemies. This weakness...

Opinion

The Biden Administration sought to block government funding for school shooting courses, such as hunting and archery, but the House voted against it this...

Media

A professor at Cal State University known for her involvement in Black Lives Matter criticized the Kansas City Chiefs’ Super Bowl victory and Taylor...