Wednesday January 19, 2022 – The new Cash App rule is still all over the news. The reason it is still all over the news is because there is much confusion and no one seems to be cutting to the chase and telling the truth.
Attorney Steven A. Leahy has read article after article, researched the IRS website, rules and regulations – and now, does an analysis of the statute – 26 USCS Section 6050W and accompanying IRS regulations.
There is good news – bad news – and ambiguities. The purpose of this rule is to find income people are not reporting. To what level will the IRS rise to collect according to these regulations? The simple answer is – the top level.
At least that is Attorney Leahy’s opinion – forged with my experience dealing with the IRS for many years.