IRS wants more access to bank accounts

[floridays]

....and they couldn't care less that they are "distrusted".

Exactly, they have the power.

 

[Operational needs]

Team Biden is using the IRS to attack the gig economy

A recent tweet says it all. “Sam Bankman-Fried: I don’t know where $10 billion went. The Pentagon: We don’t know where $2.2 trillion went. The IRS: You just sent $601.37 don’t forget to report it.”…

nypost.com

The IRS can’t get to your bank accounts like they wanted, so now they’re going to keep an eye on your money transfer accounts like Zelle, Venmo, Cash App, etc. Anything over $600 is supposed to be reported to the IRS as taxable income.

Say your princess is in college and asks you to Venmo her $800 for books. Good luck fighting the IRS on that one. If Venmo reports it as taxable income, you and she will have to fight with Venmo because the burden of proof will be on YOU to prove its not income. The IRS won’t differentiate. The IRS didn’t approve the hiring of 87,000 agents to sit around and twiddle their thumbs either. We know they’re not going after the FTX guy, Sam Bankman-Fried, for the billions of money he made disappear. Nope, it’s us, the little people who will get the screwing.

 

[Babagounj]

Team Biden is using the IRS to attack the gig economy

A recent tweet says it all. “Sam Bankman-Fried: I don’t know where $10 billion went. The Pentagon: We don’t know where $2.2 trillion went. The IRS: You just sent $601.37 don’t forget to report it.”…

nypost.com

The IRS can’t get to your bank accounts like they wanted, so now they’re going to keep an eye on your money transfer accounts like Zelle, Venmo, Cash App, etc. Anything over $600 is supposed to be reported to the IRS as taxable income.

Say your princess is in college and asks you to Venmo her $800 for books. Good luck fighting the IRS on that one. If Venmo reports it as taxable income, you and she will have to fight with Venmo because the burden of proof will be on YOU to prove its not income. The IRS won’t differentiate. The IRS didn’t approve the hiring of 87,000 agents to sit around and twiddle their thumbs either. We know they’re not going after the FTX guy, Sam Bankman-Fried, for the billions of money he made disappear. Nope, it’s us, the little people who will get the screwing.

The IRS expects to be flooded with 1099-K forms, up to 20 million.
Expect more tax return delays from this move.
Failure to report such payments could trigger an audit since the IRS obtains a copy of the 1099-K form directly from third-party payment processors.