We're talking about the IRS here. They already have records (including SSN/Tax ID, name, address, etc.) for every person and business in the country, so I don't

We're talking about the IRS here. They already have records (including SSN/Tax ID, name, address, etc.) for every person and business in the country, so I don't see how this could possibly be some major new security risk. The argument about gross revenues is vacuous, too, since the entire point is to compare the reported gross and deductions against the known online revenues. You're expected to include all your income in a tax return, deduct where appropriate, and pay your fair share of tax. This new reporting scheme really just reduces the odds that someone could dramatically under-report their revenue without the IRS noticing. It may also be worth remembering that the IRS already has the right to ask for bank records during an audit, so this won't give them access to any information they couldn't get their hands on already.