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Just a reminder than 2023 is the first year companies like eBay, Venmo, PayPal, etc. have to report transactions of $600 or more to the IRS. This reporting means that if you sell something using an online service the IRS will want to know if you profited from the sale. For example, if you sold your Barbie Doll collection for $800 on eBay, eBay will report that sale to the IRS. If you paid $400 for the Barbie dolls you are required to declare the $400 profit on your tax returns. This has always been true, but now the IRS knows about the sale whereas before they had no idea the sale took place. What the IRS does not know is if you made a profit but in theory they could ask you to provide evidence of the original purchase price of the dolls. To do this, they will need more agents to follow-up on the the transactions that will be reported.McCarthy and McConnell are two huge fucking idiots. This is the result of caving again to Libardism. They should have out and out refused any budget that included funding for this garbage, instead they acted like the spineless Rino garbage that they are.
IRS to Hire 3,700 Additional Employees to Enforce Tax Compliance * 100PercentFedUp.com * by DanielleThe Internal Revenue Service (IRS) announced its intent to hire 3,700 new employees to “help with expanded enforcement work focusing […]100percentfedup.com
I know they claim they are only targeting those making over $400k (which seems like unequal protection under the law to me) but when we started getting letters about our PayPal accounts we will know what the new agents are really doing.