https://www.dailymail.co.uk/news/article-11491943/Lawmakers-cry-against-Biden-IRS-reporting-requirements-600-transactions.html
The IRS coming for couches, TVs and wedding registries: Lawmakers put up a fight against Biden rules that force Americans to fill out tax forms on all Venmo and PayPal transactions over $600
The American Rescue Plan required taxpayers add to their 1099-K 'gross payments for goods or services that exceed $600'
New reporting requirement will take effect in January
The IRS posted an explainer Tuesday reminding taxpayers the reporting threshold for 1099-K forms would be lowered from $20,000 to $600
The number of transactions that trigger receiving a form will also be lowered from 200 to 1
'If you sold a couch, re-sold tickets at the price you paid, or just did some extra work on the side, you could trigger greater scrutiny from the Internal Revenue Service (IRS),' Republicans on the House Ways and Means Committee wrote in a statement.
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.
And earlier this year, President Biden signed into law the Inflation Reduction Act, which allotted for the hiring of 87,000 new IRS agents.
The new policy is aimed at closing the tax gap by bringing in $8.4 billion from 2013 to 2021, according to the Joint Committee on Taxation. It was put forth as a way to help pay for the $3.5 trillion American Rescue Plan, a social and climate spending program.
'Americans receive $600 on Venmo. Politicians receive $40 million from Sam Bankman-Fried. Guess which one Democrats think is more of a problem?,' Rep. Lance Gooden, R-Texas, quipped.
Sen. Joni Ernst, R-Iowa, said: 'Dems then: We’re going after billionaires! IRS now: If you got paid over $600 last year on Venmo, PayPal, or Zelle, you must report it next year!'
'Will the Democrats support deploying the 87,000 IRS agents to audit Ukraine or is the IRS just targeting middle America and their $600 Venmo transactions?' Rep. Marjorie Taylor Greene, R-Ga., wrote on Twitter.
A senior aide for Rep. Ralph Norman, R-S.C., who led the GOP letter requesting the IRS delay implementation of the requirement, told DailyMail.com that there might be 'some movement' on legislation in the next year. The aide said lawmakers will need time to assess the fallout - both the added complexity of filing for taxpayers and the added IRS scrutiny on everyday Americans.