Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network.
Janet Yellen defended the push by the IRS to require US banks to report all transactions over $600.
Here’s a better idea: How about she disclose the several millions in speaking fees she’s received over the last few years from the banks?
The IRS wants to monitor how you spend $600 when it reportedly costs the US Navy $25,000 just to turn an air craft carrier.