“IRS Targets Your Side Hustle in Crackdown on Transactions Over $600”
January 14, 2022
“…Starting this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information.
“Until this year, the threshold was much higher ($20,000 and 200 transactions) so it didn’t affect nearly as many people,” Venmo told users in its messages about the change. “This requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.”…”
https://www.bloombergquint.com/business/uncle-sam-wants-a-piece-of-your-side-hustle-in-irs-crackdown
Question? With the labor shortage where will the IRS find the manpower to track all of this? The answer is they wont. If the military can’t find people to work [as seen in one of the previous articles I linked to] neither will the IRS. The Best the IRS can do is target some big websites and force them to do most of the work.