Taxpayer Beware: MAJOR Tax Change for 2022

Do you use Venmo, Zelle, or cash apps in general? Well, the IRS has issued a new regulation to allow them access to transactions of $600 or more of aggregate dollars a year. Before this, the threshold was $20,000 or more and 200 or more transactions. When you start dropping the amount to $600, you are talking about babysitters, handymen, and regular everyday people.
ACLJ Chief Counsel, and my dad, Jay Sekulow explained where this ends up:
"This is another ability of the federal government through rulemaking, through regulation actually, to put in place a regulation, not a law, a regulation where they are saying is closing a loophole. . . . If someone is getting money from babysitting, if that is what they do for a living, it is not likely they will get enough to meet the federal income tax threshold. . . . Where this goes is not a good sign."
Because of the failure of the Build Back Better plan, President Biden is under pressure to use Executive orders to get some of the provisions in this bill passed. President Biden is also feeling the pressure when it comes to our national security issues around the world.