Today, President Biden’s IRS announced that the agency will for the second straight year delay implementing Democrats’ 1099-K reporting threshold requiring payment platforms to report to the IRS on all transactions totaling over $600.
Grover Norquist, President of Americans for Tax Reform, issued the following statement regarding today’s announcement from the IRS:
“Danny Werfel, Biden’s IRS Chief, revealed himself today to be nothing more than a Democrat precinct worker. Democrats alone voted to unleash the IRS to come after 30 million Americans’ Venmo and PayPal transactions while thinking no one would notice. Well people noticed.
Now to save Biden and Democrats from the political embarrassment they inflicted on themselves, the IRS is acting without Congressional authority to delay Democrats’ new rule and by doing so undermining the effort to fully restore the original reporting threshold. The only acceptable fix for taxpayers remains a full restoration of the original 1099-K reporting thresholds. Today’s announcement from the IRS – made in a pre-Thanksgiving news dump – is an outright political act in support of the Democrat party and continuation of the IRS’ extensive history of taxpayer abuse and refusal to follow the law.”