“President Biden slams ‘reckless bill’ from Republicans to reverse funding for the IRS and its 87,000 new hires — here’s how it could affect you”
January 12, 2023
“President Joe Biden had included increased funding for the IRS in the Inflation Reduction Act to help the agency catch sneaky tax evaders — especially those high-earners who love to find loopholes. Advocates believe the increased funding could raise as much as $1 trillion by forcing tax cheats to pay their dues, especially after years of budget cuts have gutted the system….
While it’s likely to be struck down by the Democrat-controlled Senate, and Biden’s office has already voiced his intentions to veto “this reckless bill” if it makes it to his desk, it’s still a strong statement from Republican lawmakers…”
https://finance.yahoo.com/news/irs-says-87-000-hires-120000616.html
Ignore the political slant of the article. That’s useless. What’s important is 87,000 IRS agents are needed for things like tracking $600 online transactions.
“IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K”
“…As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021…
The American Rescue Plan of 2021 changed the reporting threshold for TPSOs. The new threshold for business transactions is $600 per year; changed from the previous threshold of more than 200 transactions per year, exceeding an aggregate amount of $20,000. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill…”
This bill is suppose to target the rich huh? Ok why was the threshold reduced from 20K to $600 then? They not fooling anyone. This is an attack on the lower and middle class.