Opinion

Venmo, PayPal and Others Must Report Transactions Over $600 per year.

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.

take our poll - story continues below

Did SCOTUS make the right decision on medical mandates for large businesses?

  • Did SCOTUS make the right decision on medical mandates for large businesses?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Conservative Firing Line updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

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.

The Epoch Times

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.

H/T Uncle Sam’s Misguided Children

Related: 

Turn your back on Big Tech oligarchs and join the New Resistance NOW!  Facebook, Google, and other members of the Silicon Valley Axis of Evil are now doing everything they can to deliberately silence conservative content online, so please be sure to check out our MeWe page here, check us out at ProAmerica Only and follow us at Parler, Social Cross and Gab.  You can also follow us on Twitter at @co_firing_line, and at the new social media site set up by members of Team Trump, GETTR.

While you’re at it, be sure to check out our friends at Whatfinger News, the Internet’s conservative front-page founded by ex-military!And be sure to check out our friends at Trending Views:Trending Views

Faye Higbee

Faye Higbee is the columnist manager for Uncle Sam's Misguided Children. All of her posts on Conservative Firing Line are also posted on Uncle Sam's.

Related Articles

Our Privacy Policy has been updated to support the latest regulations.Click to learn more.×