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IRS TARGETS DEALS OVER $600

WASHINGTON – It just got harder to hide from the IRS.  Starting this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information. 

“This adds insult to injury, knowing how long they were shut down for and how much income they lost,” said Rector, whose group says it includes 10 million hairdressers around the world. “These people went out on their own, they started to do house calls, they started to rent chairs — that’s why Venmo became such a big deal.”

The moves come as the IRS has been thrown into chaos during the pandemic. A report this week from the Taxpayer Advocate Service found depleted staffing and a lack of funding for the agency has caused a high volume of unprocessed returns. Taxpayers are frustrated with the backlog and lack of communication from the IRS.

“The IRS is in crisis,” Erin M. Collins, the national taxpayer advocate, said in the report. “As the IRS is preparing to begin the 2022 filing season, it is poised to carry over millions of unprocessed returns and millions of pieces of taxpayer correspondence, resulting in even longer delays for taxpayers who have been patiently waiting for far too long.” – BLOOMBERG

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