Americans warned about looming IRS audits of Venmo payments: 'They're targeting you'
Fox News
Fox News contributor Raymond Arroyo and Americans for Tax Reform's Grover Norquist unpack the consequences of the new IRS rules on middle-class Americans.
"Joe Biden said no one under $400,000 would be targeted by his tax plan. This is going to hit people making nothing to millions, but it's going to hit the middle class," Fox News contributor Raymond Arroyo said on "The Faulkner Focus" Tuesday. "This is wrong." Madeline Coggins is a Digital Production Assistant on the Fox News flash team with Fox News Digital.
After the American Rescue Act was passed in March 2021, changes in the U.S. tax code and Internal Revenue Service rules added a new threshold for third-party payment processors. Beginning this tax year, Americans must be prepared to fill out a 1099-K form for any $600 transaction using online platforms.