Nov. 21, 2023 6:48 pm ET
While rarely a bearer of good news, the Internal Revenue Service on Tuesday postponed a $600 reporting threshold for payments received via online platforms such as Venmo, eBay and Airbnb. The IRS is doing a favor for itself and President Biden as much as it is for Americans.
Readers may recall that the American Rescue Plan Act in March 2021 lowered the threshold for third parties reporting transactions on Form 1099-K to $600 annually from $20,000. Democrats’ goal was to nab Americans who allegedly dodge taxes by failing to report income earned from, say, driving for Uber or renting out second homes on Airbnb.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Already a subscriber? Sign In
What to Read Next
- TurboTax:
Save up to $15 with TurboTax coupon 2023 - The Motley Fool:
Epic Bundle - 3x Expert Stock Recommendations - H&R Block Tax:
Get 20% off H&R Block tax software products - Top Resume:
Top Resume Coupon: 10% off professional resume writing - eBay:
eBay coupon: Get extra 10% off $50+ - Groupon:
Black Friday Sale: Up to 85% off all local purchases with Groupon coupon