U.S. Senator Joni Ernst (R-Iowa) is supporting an effort to eliminate the Biden administration’s intrusive provision that requires third-party payment platforms like Venmo, PayPal, or CashApp, to report business transactions over $600 to the Internal Revenue Service (IRS). The previous reporting threshold was $20,000. To reverse this erroneous burden, Ernst is cosponsoring the Stop the Nosy Obsession with Online Payments (SNOOP) Act.
“Between this intrusive reporting requirement and the addition of 87,000 new IRS agents, the Biden administration is weaponizing the agency to ‘snoop’ on taxpayers,” said Ernst, a senior member of the Senate Small Business Committee. “What’s even worse is that IRS employees have been found to evade their own taxes. The IRS needs to play by its own rules before imposing more restrictions on innocent Americans.”
In August, Ernst demanded an audit of the IRS by the U.S. Treasury Inspector General for Tax Administration (TIGTA), after the Biden administration announced their plan to hire 87,000 new IRS agents. In September, the TIGTA agreed to the review.