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Fox Business
☰
Opinion
Published November 29, 2023 5:00am EST


IRS' VENMO CRACKDOWN DELAYED BUT NOT DEAD THIS HOLIDAY SEASON


THE NEW REPORTING RULE WOULD HAVE CREATED A PAPERWORK NIGHTMARE FOR TAX
PREPARERS

 * 
 * 
 * Comments
 * 

By Patrice Onwuka FOXBusiness
Rep Andy Biggs pushes to axe IRS funding after alleged plan to audit 'more
people'

Rep. Andy Biggs, R-Ariz., weighs in as GOP lawmakers slam IRS dysfunction
despite $60B more in funding over 10 years on 'The Evening Edit.'

The IRS just announced a regulatory rule delay that will provide stay-at-home
moms and middle-class Americans a little relief this holiday season. Online
transactions totaling $600 or more will not trigger tax reporting on Form
1099-K, for now. This issue is not dead though.

This year, selling items through popular apps like eBay, Etsy, Poshmark and
Facebook Marketplace; sending money online through Venmo, CashApp and Apple Pay;
and conducting online transactions would have triggered an unwanted gift: new
income reporting to Uncle Sam. 

In 2021, congressional Democrats lowered the reporting threshold for online
transactions to an unreasonably low level of $600 or more – and Congress had
until Dec. 31 to fix this error. If not, taxpayers and the Internal Revenue
Service would have faced a rocky tax filing season in 2024. Millions of
unwitting Americans were set to receive one (or multiple) 1099-K forms from the
various platforms they used and expected to report that income to the IRS. 



Online transactions totaling $600 or more will not trigger tax reporting on Form
1099-K, for now. This issue is not dead though. (istock / iStock)

Unfortunately, the $600 threshold is so low that it will capture transactions
that would normally not be reported and likely would not create any tax
liability. For example, a woman who used online platforms to sell a used sofa,
split the check for dinner and drinks with friends a few times, and consign a
few old dresses, could easily surpass this limit. 

IRS SETS NEW TAX BRACKETS, STANDARD DEDUCTIONS FOR 2024

Many taxpayers who never previously received a 1099-K form would be inundated
with them at the end of the year. The IRS predicted 1099-K forms will jump by 28
million to 44 million this year.



Looking to fund the costly $1.8 trillion American Rescue Plan Act (ARPA),
Democrats lowered the previous threshold of at least 200 transactions totaling
$20,000 or more to just $600. There is no transaction minimum, so a person could
be one used treadmill away from new red tape and tax headaches.

Larry Kudlow: IRS agents should not be armed

 FOX Business host Larry Kudlow explains the dangers of a weaponized IRS on
'Kudlow.'

The Left may have been targeting high-powered online sellers and businesses, but
this reporting rule would have hit women and middle- and low-income households.
According to a survey of casual online resellers conducted by the Coalition for
1099-K Fairness, many are young women and stay-at-home moms earning small
amounts of income on the side. Communities of color would also be
disproportionately impacted by the new reporting requirement.

IRS RAISES 401(K), IRA CONTRIBUTION LIMITS FOR 2024



If drying up income-generating avenues is not ill-advised enough, the increased
reporting was guaranteed to trigger mass confusion next tax season. Reselling
used items at a loss or sending money to family and friends is not taxable under
the law. However, taxpayers may think they have some tax liability. They would
have to prove their innocence to the IRS. Good luck digging up original receipts
for resold items or trying to explain every Venmo transaction. 

Biden's IRS has been weaponized to target US citizens: Rep. Ben Cline

House Appropriations Committee member Rep. Ben Cline, R-Va., discusses the IRS
visiting the home of journalist Matt Taibbi during his Twitter Files testimony
on 'The Big Money Show.'

The new reporting rule would have created a paperwork nightmare for tax
preparers and accountants – much less for taxpayers who file their own tax
returns. Tax filers with relatively simple tax situations would suddenly face
more complexity and could make costly mistakes if they didn’t report this income
while taking the correct deduction. 

The Congressional Research Service predicted that the new reporting requirement
would cause errors and problems. Consequently, the IRS would expend more
resources adjusting tax returns with losses. Impacted taxpayers’ returns could
be delayed.



CLICK HERE FOR MORE FOX NEWS OPINION

Last year, this new reporting rule was set to take effect. The IRS was not
prepared then nor now for the onslaught of paperwork and delayed implementation
for one year. It plans a phased-in implementation at a $5,000 threshold next
year – conveniently after the 2024 election.

Yellen appears to admit that up to 90% of new IRS audits will be on
low-to-middle income taxpayers

U.S. Treasury Secretary Janet Yellen on Friday did not deny a claim made by Rep.
Adrian Smith, R-Neb., that 90% of new IRS audits will be on individuals making
less than $400,000 annually, contrary to promises from the White House. 

Congress needs to fix this tax nightmare once and for all. A number of bills
would all repeal ARPA’s low $600 threshold – The Saving Gig Economy Taxpayers
Act (H.R. 190), the Blocking the Adverse and Dramatic Increased Reliance on
Surveillance (BAD IRS) Activities Act (S. 123), the Stop the Nosy Obsession with
Online Payments (SNOOP) Act of 2023 (H.R. 488/S. 26), and the Small Business
Jobs Act (H.R. 3937). 



CLICK HERE TO GET THE FOX NEWS APP

Two bipartisan compromise bills – the Cut Red Tape For Online Sales Act (H.R.
3530) and the Red Tape Reduction Act (S. 1761) – would raise the reporting
threshold to $5,000 and $10,000 with 50 transactions, respectively.

Americans are spared this holiday season, but not for good. Instead of leaving
it to the IRS, Congress needs to address this burdensome rule before it buries
American households in paperwork and tax woes. 



CLICK HERE TO READ MORE FROM PATRICE ONWUKA



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