The government wants to know EVERYTHING and I mean everything.
Not only do they want to track your vaccination status to allow you into public areas, but they also want to know who, how, and where your money is going.
Beginning on January 1, third-party payment services, such as PayPal, Venmo, Cash App, and Zelle that receive payments for goods and services totaling $600 or more must record such payments to the Internal Revenue Service (IRS).
So much for privacy, right?
Starting today the IRS will require Venmo, PayPal and Cash App to report ALL transactions of $600 or more. You thought this was squashed, NOPE. https://t.co/EHcDWawng3
— K Scott (@KScott21623546) January 5, 2022
The American Rescue Plan was pushed forward by the Democrats in 2021 without ONE Republican vote was able to modify the criteria in reporting money sent or received.
Certain transactions involving third-party payment platforms must be reported on 1099-K forms by the third-party payment platforms.
In prior years, if the users’ gross revenue from goods and service transactions exceeded $20,000 or if they had more than 200 such transactions in a calendar year, the applications were obliged to report to the Internal Revenue Service (IRS).
Users of payment applications may be forced to supply extra information as a result of the lower threshold being implemented. If the user’s Employer Identification Number (EIN), Individual Tax Identification Number (ITIN), or Social Security Number (SSN) is not already on file, the user may be prompted to give it.
Payments made between members of the same family or group of friends are exempt from the restriction.
According to a statement released by PayPal in November 2021, “This new Threshold Change is currently only for payments received for goods and services transactions, so this does not include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, or other similar transactions.”
Looks like we need to get back to good ole’ bartering and cash again, right?