‘Thank you Joe!’ Impending IRS rule targets cash app payments of goods and services over $600

A new IRS rule requires anyone who earns over $600 on payment apps in 2023 to file a 1099-K form next year, as the threshold change drops from $20,000 earned over 200 transactions.

And make no mistake, social media users know who to blame: President Joe Biden.

Biden has claimed there are hundreds of billionaires paying lower federal tax rates than schoolteachers, police officers, firefighters and nurses, and called on Congress to “pass my proposal for the billionaire minimum tax” in his Feb. 7 State of the Union address. The proposal would be dead on arrival, but Biden continued the political posturing in his proposed budget, asking Congress to levy a 25% minimum tax on billionaires.

Yet, the rule targeting payments of goods and services over $600 pushes on… confusion over the changes led the IRS to delay its implementation in December.

Changes that no one voted for.

“This is not a tax law change,” TurboTax’s Lisa Greene-Lewis told CBS News. “This is just a reporting requirement for those third parties like Venmo, PayPal and the credit card companies.”

“According to the IRS, money exchanged between friends on those apps should not be taxed. As added protection, experts warn users to classify their transactions to family and friends as personal, not goods or services,” the network reported.

The popular Twitter account Amuse tweeted, “Promise Kept! Biden promised to go after billionaires and this is proof he is! Most billionaires are hiding their income by using Venmo to collect income at $600 a pop. This new rule will force them to pay their fair share! Thank you Joe!”

Here’s a sampling of other responses to the story from Twitter:


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