Tax experts suggest that new IRS tax code changes will increase audits and taxes by regulating payment systems like Venmo, PayPal, Apple Pay, CashApp and more.
Geltrude & Company founder Dan Geltrude joined 'Cavuto Live' to discuss the massive expansion of the IRS after House Democrats passed the Inflation Reduction Act.audits and taxes on Americans,CPA and Tax expert attorney Bruce Willey told Fox News Digital that the new changes constituted one of the largest"cash grabs" by the IRS in recent memory and were likely to hit taxpayers"like a truck.
The code change, approved by Democrats and signed by President Biden in March 2021, will require TPSOs like Venmo, PayPal, Etsy, AirBnB and more to send 1099-k forms to the IRS and users if their transactions exceed the amount. If a sports betting application like FanDuel or DraftKings uses these payment systems, you will face taxes there, though sports betting is already included under the current tax code.
The taxpayer may or may not have taxable income because of that reporting but could get a form for even selling one ticket, depending on the sale amount. "The fear is that the 1099 will be sent out for things that are not taxable income and the IRS doesn't have the capability to easily figure that out," he said.
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