7/2/2023 0 Comments Download venmo irs![]() A new tax policy requires mobile payment apps and users to report information about commercial transactions above $600 to the IRS, but it won’t add an additional tax or apply to personal transactions. ![]() A Syracuse University analysis did find that the IRS audits certain low-income wage earners more than five times more than other groups, in part because budget cuts have caused the agency to rely more on automated “correspondence audits.” But the agency’s new infusion of funding will not fund 87,000 employees at once, nor will it fund only auditors. Some 87,000 new IRS agents are going to focus on $600 Venmo transactions, not billionaires.ĪP’S ASSESSMENT: Partly false. ![]() CLAIM: The Internal Revenue Service audits the poor at five times the rate of the rich. ![]()
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