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This should come with the caveat that they are going after ultra-high net worth individuals.

Note that pretty much everything the Biden administration has done amounts to soaking the middle class. $600 reporting threshold, anyone?

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The $600 reporting threshold has always been there (though I agree, it should be retroactively pinned to CPI from when it was introduced). Most banks through Zelle previously would automatically submit all transaction history to the IRS anyways; After all, the IRS can absolutely track how much money is entering/leaving your account on a given month, which is how they’d flag you for an audit if things don’t add up to what you reported.

The only real “change” was that now Venmo/Cash App will be required to, too— and even that got delayed.

That threshold has not always been there. Used to be 20k, but they had to lower it to catch the billionaires.

https://www.wolterskluwer.com/en/expert-insights/irs-delays-...

Does this cover most payments over $600? They're now mostly all recorded? I don't understand the exceptions.

So it applies to digital payment methods like Paypal, to payment networks like Western Union, but also to any credit card transaction over $600?

edit: I think I was thinking of the payments in the wrong direction. The 1099-K applies primarily to the receiving party?

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