Guts Cosplayer With An Impossibly Huge Sword On His Shoulder Inspires Redraws
A new rule by the Internal Revenue Service (IRS) that requires individuals making over $600 a year on online payment apps like Venmo, PayPal or Cashapp to pay taxes on that money received much attention on social media yesterday and today, following a Bloomberg article about the difficulty small business owners will face complying to the rules.
IRS looking at my Venmo next year pic.twitter.com/TnCpR1ygqS
— Tenderoni (@Tender_oni) July 17, 2020
According to the Bloomberg article, the new regulations pose an “administrative headache,” forcing people who have side hustles or online businesses to send in 1099-K forms and keep more records and receipts on platforms that are reportedly not set up for that kind of compliance.
Venmo, Etsy and other companies that administer online marketplaces are also not happy about the new regulation, banding together in an attempt to oppose it.
"I'm going to need that original receipt."
A new IRS rule means many small-business owners will face a bigger administrative burden for accepting payments on services likeVenmo</a> and <a href="https://twitter.com/PayPal?ref_src=twsrc%5Etfw">PayPal . https://t.co/JBhkrNOCMS via @BW pic.twitter.com/rkgD8ChajI— Narr Trek (@narrtrek) June 8, 2022
The vast majority of posters on platforms like Twitter were also unhappy with the rule changes and took to social media to voice their objections to the new change.
You know. Those thousands of new IRS agents are needed to go after big business fraud. Not mom and dad pop store fraud. No not at all. Until they do, which apparently is now. Maybe you were blind to it. Did not to see this coming. Maybe? 😆 #VENMO https://t.co/lZustou9wo pic.twitter.com/vAhmbZFIjc
— Nel Harrison (@harrison_nel) June 9, 2022
new weird al joint '1099 problems' bout to drop https://t.co/t8zhsBLMK3
— Ryan Lawler (@ryanlawler) June 8, 2022
Many seemed upset to see the IRS devote more resources to going after small business owners rather than oligarchs and corporations.
How it started: Tax the Rich
How it's going: The IRS Is Coming for Your Venmo Incomehttps://t.co/MizjRoIAXA— Stalingrad & Poorski (@Stalingrad_Poor) June 9, 2022
The IRS: we're understaffed, that's why we can't audit and tax billionaires appropriately
Also the IRS: we're coming after your venmo money, fuckers
Like.. come on.— Zoe, 1 month to Forest (@JustMeZoe419) June 9, 2022
Others wondered what the tax code changes could mean for their niche financial Venmo situations.
Us: “instead of asking for the check to be split 6 ways y’all just Venmo me.” IRS: pic.twitter.com/LCG9uWtvZK
— Andrew 🐏 (@Andrew_Micah6_8) June 9, 2022
If I win $601 in side bets on the golf course through Venmo, and the IRS taxes that, then by (current) law I get to account my losses…maybe even the expenses. How in the hell are they going to regulate every degenerate golfer in the US of A?
— Ellis Allen (@EllisAllen21) June 9, 2022
Some on Twitter reported that President Joe Biden was hiring thousands of new IRS workers specifically to enforce the new "Venmo tax." While the IRS will need new workers to enforce the complicated regulation, the reason the administration gives for hiring more people at the IRS is that the agency has not increased in size since 1970 (even as the population and complexity of the tax code have increased) and relies on outdated technology.
Every tax year, the IRS faces a backlog of unprocessed documents, and for 2021, that backlog was reportedly over 20 million. An inefficient IRS poses problems for lower-income taxpayers who face delays in receiving their tax refunds, as well as for the government, which some experts believe misses out on up to $600 billion of revenue a year due to staffing shortages.
President Biden just hired 60,000 new IRS agents to go after Venmo, Paypal and Ebay transactions
While billionaires get richer, Biden's war on the poor and middle class continues:https://t.co/tEAfFlCB2I— Retro Tech Noir (@RetroTechNoir) June 9, 2022
While there was much kvetching over the new regulations, some managed to retain their sense of humor via memes and humorous takes despite the troubling news.
"The IRS is coming for your venmo income."
-ominous, foreboding, scary
"The IRS is cumming for your venmo income." 🍆 😏
-attempt at seduction, funny, way less scary and shows the IRS is out to fuck us all— terniaaaaa (@unicornzdonutz) June 9, 2022
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