House Republicans’ new tax-cut package includes a measure that would squash a tax-reporting threshold for gig workers and sellers who use PayPal, Venmo or other payment networks.
House Republicans’ new tax-cut package includes a measure that would squash a $600 tax-reporting threshold for gig workers and sellers who use payment networks like PayPal or Venmo.
The new $600 threshold, which comes with no minimum number of transactions, stems from 2021’s American Rescue Plan Act, which was Democrats’ $1.9 trillion COVID-19 aid package. The reform was also criticized for eliciting confusion, especially regarding what types of transactions needed to be reported. The IRS said the 1099-K form was directed toward businesses to report income from goods and services, and it was “not intended to track personal transactions.
Steven M. Rosenthal, senior fellow at the Tax Policy Center, and Daniel Hemel, professor at NYU School of Law, wrote in a TaxVox blog that “Congress’s decision to lower the threshold for third-party payment platforms was a step in a positive direction,” and “delaying the $600 rule is an unfortunate blemish on [the Biden] administration’s tax record.”
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