The agency cited timeline concerns, and announced it would push back implementation of new tax requirements for businesses that rely on digital payments.
Currently, payments through apps and sites like Venmo, Etsy, StubHub, and Airbnb trigger the mandatory issue of a 1099-K form to a business user if their account accrues at least 200 transactions totaling $20,000 or more in a year. However, a tax tweak passed in 2021 as part of thego into effect this coming tax season, and cover 2022 transactions.
But the delay pushes the start date to next year, and means that business thatThe IRS announcement follows public and political pushback from lawmakers, business associations, online commerce platforms, and anti-tax advocates who argued the shift would punish low income people the most and trigger needless confusion, according toRepublican Senator Rick Scott claimed the change would amount to wholesale tracking of Americans’ financial activity and compared the policy to “Communist China” .
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