THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME


I had multiple transactions here and at US Audio Mart in 2019 and yesterday received a letter from the IRS stating the transactions were "Taxable Income" anyone else ever experience that with Paypal and now what?
Fighting the IRS is not something I look forward to!
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zappas--If the IRS says that, likely see a tax accountant. Did they say you "did not file returns"? Or that you filed returns showing a tax was due, but did not "pay the tax"? If you filed, you need to work with the IRS to find the lost returns, if you have copies, or your name changed, or whatever. If you did not file, you (or a tax accountant) need to figure out if you actually owed any tax for that year. The IRS only has info on your income, not your possible deductions, so they assume no deductions if you ignore them. Don't let a deadline for responding pass! Sometimes people discover that their withholding was more than any tax would have been, so they could have gotten a refund, but by failing to file on time they not only have to deal with the IRS to show that noting was actually due, and avoid making a payment (with interest and penalties), but the time to get a refund may have expired. Good luck.
Meanwhile one new billionaire every 17 hours. Billionaires' wealth increased 54% during pandemic while 8,000,000 Americans fell below the poverty line. The ordinary person is taxed to the hilt supporting the country while these guys play with their toys.
Sell while you can. Basically all transactions a taxable in 2022. Sleepy Joe sez so.
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