Reply to So people will be taxed on venmo and zelle transactions?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it became effective Jan 2022. So you can expect a 1099 from Venmo, PayPal, etc. in the next couple of months if you made over $600 on them this year.[/quote]

I didn't, no small business here, but [b]other people who have little side hustles will suffer. [/b] Although I see the point.[/quote]

Doing by the book is not suffering. You pay tax because you are supposed to pay tax. [/quote]
But the principal of the thing is that billionaires pay almost none of their fair share, yet people who are just trying to pay the rent are going to have a harder time doing so. You see how this sucks, right? People making 6 figures aren't getting paid through venmo and cheating uncle sam. It's people barely making ends meet.[/quote]

[b]Except that is less a tax enforcement phenomenon than it is a tax policy phenomenon.[/b] The IRS didn't invent carried interest, trusts, preferential capital gains rates, tax-free municipal bonds and the other tools billionaires use to reduce their taxable income. Congress did.[/quote]

https://www.cnbc.com/2022/05/17/super-wealthy-irs-tax-audits-plunge-over-decade-government-report-says.html Why not both? Some of the tools used are probably a step too far, but the IRS doesn't have the resources to actually fight if there is a white shoe law firm sitting on the other side of an audit [/quote]

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