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Democrats “Inflation Reduction Act” At Work: IRS Warns Taxpayers Report Transactions of At Least $600 in Venmo, Paypal, and Other Third-Party Networks

 

 

Does anyone sell goods or services and receive payments electronically or checks in the amount of $600 or more?  Do you sell collectibles on eBay or some other platform in the amount of $600 or more?  Maybe these are just side gigs to help with college, Christmas, medical payments, or just for fun and NOT a primary source of income.  Did you vote for a Democrat?  Congratulations as you are now a slave to the IRS as a result of Joe Biden and the Democrat’s “Inflation Reduction Act”.  

 

Perhaps you thought all of that discussion around 80,000 new IRS agents was just a Right-Wing conspiracy, well it’s not.  That’s right, even a SINGLE PayPal transaction of $600 will now need to be accounted for to the IRS.  Just (6) months ago, and prior to, Americans were able to sell goods and services, up to $20,000 and the total number of transactions was under 200 before filing an IRS 1099-K form.  Again, the new normal is a SINGLE transaction of $600 or more.  Keep in mind that a SINGLE transaction of $600 or more can be the result of payment for multiple goods/services, at one time, that by themselves (individually) do not exceed $600.

 

How can you avoid this?  Straight cash transactions and hiding the money under your matress……literally.  However, in the world of the internet, and transactions occurring from across the country and the world, this “backdoor” of sorts becomes damn near an impossibility.  Nahhh, some may say, cryptocurrency payments will avoid this.  Nope, not true.  Check out Joe Bidens Executive Order on Crypto Currency, Biden, Democrats, and the government have the Americans by the bananas.  


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