×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: gop | american | rescue | act | irs | venmo | paypal

Republicans Warn About New IRS Rule on PayPal, Venmo Transactions

(Newsmax)

By    |   Tuesday, 06 December 2022 10:22 PM EST

Republicans are warning Americans the Internal Revenue Service could be coming after them if they fail to report transactions of more than $600 on third-party payment networks such as PayPal and Venmo.

As part of the American Rescue Plan passed by Congress last year, the IRS said the threshold for reporting transactions for goods and services to the agency on third-party payment networks went from $20,000 and 200 transactions to $600 and just one transaction.

"If you sold a couch, resold 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," Republicans on the House Ways and Means Committee said in a statement. "These are hardly the activities of the wealthy elite that Democrats claim they want to go after. Worse, this comes after Democrats supercharged the [IRS] with plans for an army of 87,000 new agents to go after Main Street workers and working families."

The Republicans on the committee said the Biden administration is going back on its promise that no one making less than $400,000 will see their taxes go up.

"It is going to be a bureaucratic nightmare," Rep. Kevin Brady, R-Texas, the committee's ranking Republican, told Fox News on Tuesday. "This is part of the whole Democrat approach — going after small and independent businesses, the gig economy especially, and agriculture."

© 2023 Newsmax. All rights reserved.


Newsfront
Republicans are warning Americans the Internal Revenue Service could be coming after them if they fail to report transactions of more than $600 on third-party payment networks such as PayPal and Venmo.
gop, american, rescue, act, irs, venmo, paypal
231
2022-22-06
Tuesday, 06 December 2022 10:22 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved