A new IRS provision for monitoring cash app transactions over $600 has been delayed until 2024. Payments platforms apps, including Venmo, PayPal, Etsy, and Airbnb, were required to send Form 1099-K to the IRS and users if their transactions total as little as $600 over the year. The amount that merited a 1099-K form was $20,000 or 200 separate transactions within a calendar year.
Doug O’Donnell, the acting IRS commissioner, said,
“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” he added, “To help smooth the transition and ensure clarity for taxpayers, tax professionals, and industry, the IRS will delay implementation of the 1099-K changes.”
The American Rescue Plan does not sound like a “rescue plan” for Americans, nor does it have the people’s best interest in mind. Nevertheless, the bill faced fierce opposition from tax accountants, small business owners, and Republican lawmakers and was passed by Democrats in March 2021.

The government should do more than delay the $600 provision; the rule should be amended and permanently removed.

Tulsi Gabbard tweeted that the bill is an invasion of privacy and that the IRS is funding their operations by taking even more out of our pockets, saying the “IRS sent a reminder this week that they’ll be violating our privacy and collecting info on all transactions we make on Venmo/Cash apps over $600. They’re taking OUR money to hire more agents to snoop on and to take more of our money. Shameless.

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Another Twitter user wrote a reminder that the government routinely wastes funds and cannot account for missing money but wants to micromanage the average hard-working American’s finances on $600 transactions, tweeting, “The IRS wants to know what is up with your $600 Venmo transaction. Also, the Pentagon can’t account for 2 Trillion dollars. Remember, it is all about controlling you.”

 

The U.S. government is undeniably terrible at handling finances but expects the average Joe to account for every tiny purchase. A Constitutional Republic should be experiencing the reverse situation. A government elected by and for the people is responsible for accurately reporting how taxpayer dollars have been spent and should not be able to shrug when trillions of dollars go missing while holding citizens in contempt who cannot account for $600 purchases.

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