IRS Warns Of New $600 Reporting Threshold January 1st that Will Usher in CBDC

Third-party payment processors like Venmo and PayPal must report business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users a 1099-K form if their gross income exceeded $20,000, or they had 200 separate transactions within a calendar year. But the new threshold is just $600. Critics warn that small businesses and low income and middle-class Americans are targeted. It is a “honey pot for audits.” These changes were created by the American Rescue Act of 2021, despite Joe Biden saying that no one under $400,000 would be targeted by his tax plan. Youtube personality Neil McCoy-Ward explained that this scheme is going to be used to bring in central bank digital currency (CBDC) and 87,000 new IRS hires are slated to force the new tax on the people.

Critics are sounding the alarm on the Internal Revenue Service significantly lowering the threshold for transaction reporting through payment apps, warning the change signals a new level of government overreach that targets small businesses and middle-class Americans.

The IRS issued a reminder last week to taxpayers who utilize third-party payment processors like Venmo and PayPal about changes to reporting income in an updated explainer on their website.  These changes created by the American Rescue Act now require platforms to report any transaction over $600.

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11 months ago

Doesn’t this absurd PAPERWORK involved in the $600 trigger on IRS tax paperwork, VIOLATE the EXCESSIVE PAPERWORK LAW…?? ttyl

11 months ago

the 1099-K form violates the paperwork reduction act for not have a proper and valid OMB number. The OMB is and has been used for 20 plus years. Normal and lawfully OMB numbers can only be used for 3 years by law.

11 months ago

This is going to hurt a lot of Americans just trying to make ends meet after losing their jobs during the pandemic, etc.

11 months ago

CBDC (FedCoin) will administer exactly like a “government credit card” on a choke-leash, once introduced to acceptance by enough people..

..This bridge must never be crossed, no matter how initially “convenient” to use. Our 10’th Amendment guarantee of our states and citizens “ultimate sovereignty” will effectively be abolished.