The Treasury Department and Internal Revenue Service (IRS) announced Friday a one year delay to new tax reporting requirements for digital transactions over a $600 threshold.
The delay prevents e-commerce platforms from having to send 1099-K tax forms to users and the IRS starting in 2023. It also gives more time for oppositional lawmakers to raise the revenue threshold, according to The Wall Street Journal (WSJ).
“The additional time will help reduce confusion during the coming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements,” acting IRS Commissioner Doug O’Donnell told the WSJ.
The $600 filing threshold was passed by Congress in 2021 as part of the American Rescue Plan, lowering it from more than $20,000 in revenue and 200 transactions by online sellers. The new threshold was scheduled to take effect in 2022, WSJ reported. The IRS reminded taxpayers of the $600 threshold in a Dec. 6 announcement. A single business transaction over $600 warrants a 1099-K filing, the IRS stated.
The measure could affect gig workers classified as independent contractors who have not been reporting their income on tax returns. Resellers cleaning out closets by selling on eBay and other platforms would also be affected by the reduced threshold, WSJ reported.
Democratic West Virginia Sen. Joe Manchin and Tennessee GOP Sen. Bill Hagerty pushed for an amendment raising the threshold back up to $10,000 in the $1.7 trillion omnibus bill, ultimately failing to gain traction, CNBC reported.
IRS funding in the omnibus bill is $12.3 billion, less than the $12.6 billion amount it received in fiscal year 2021, Fox reported.
I suppose We should feel honored that scumbags that steal millions of dollars a year and are responsible for domestic treasonous attacks on American citizens and our election process want to hide the fact that they illegally confiscate 600 times that amount in illegal confiscations and use it for their own corrupted agencies agenda
The US government is nothing but the mob wanting the world controlled. America and Russia are the last two countries in their way of globalism. Taking down america FOR china on a silver platter is who our gov is. Is needs to be taken down. It will become much worse and they want it to. None of this crap happening everywhere is no accident this is all engineered. Both Dems and repubs are together. It’s the new people they are afraid of, therefore colluded with Dems for Dems to win. It’s sick!
Did Hunter Biden and the “big guy” Brandon file their 1099-k forms to pay their fair share on the millions they got out of the Ukrain and China deals. Naaa! The Internal Rectum Suckers are just going to focus on the poor slobs making a little cash cleaning out their closet! This must be that new fairness and equity policy we’ve been hearing so much about!
What I want to know is Congress Makes the Laws and How does the IRS & FBI Make their on laws ?