If you were thinking the Democrats were stymied in getting your income information when they demanded the Banks report anything over $600 a year was dumped…you’d be incorrect. In March of 2021, a portion of the “American Rescue Plan,” that was passed without one single Republican vote, required third party apps like PayPal, Venmo, Zelle and others to report any user’s income for goods and services of $600 or more per year to the IRS. It went into effect on Jan 1, 2022.
Venmo, PayPal, Zelle now have more work to do
The third-party payment platforms need to report certain transactions on 1099-K forms.
Before the amendment, the apps were required to report to the IRS if the users’ gross income from goods and service transactions were over $20,000 or they had more than 200 such transactions in a calendar year.
With the new lower threshold, users of the payment apps may be required to provide additional information. Users may also be asked to provide their Employer Identification Number (EIN), Individual Tax Identification Number (ITIN), or Social Security Number (SSN) if it’s not already on file.
In short, the Democrats managed to get a rule through that opened a back door into your income that wasn’t present before. It wasn’t widely publicized.
PayPal issued a statement prior to the rule going into effect that mentions that the situation doesn’t count for paying back family members for dinners or if you bought a couch and sold it for a loss. But if you obtain pay for goods and services above $600 per year, the pay apps will have to file a form with the IRS. More work for them. We have always had to report our income to the IRS, whether it comes in by PayPal or some other method. This extra step is designed to find the “cheaters.”
Democrats are obsessed with “cheaters.” This coming from some of the country’s most corrupt officials and those who pay little tax in the first place. The “American Rescue Plan” doesn’t actually rescue anyone.
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