The IRS Is Coming For You

Remember all the money that got stuffed into the Inflation Reduction Act so the IRS could hire thousands of new agents?  Joe Biden told us it was to crack down on billionaires who weren’t paying their “fair share.”  Well, now we know otherwise.

The IRS just released new rules indicating that if you receive $600 or more in a single transaction from any electronic payment app like Venmo or PayPal, you the taxpayer must report it to the IRS. 

The reporting threshold was lowered from amounts of $20,000 or more, and the transaction limit was lowered from 200 transactions to 1.  Failure to report the payments could trigger an audit.

So, now we know what all those extra IRS agents are for.  They’re coming after you and other hard-working Americans who are struggling in Joe Biden’s economy, not billionaires, who have armies of accountants.