The agency again postpones a new third-party 1099-K tax-form deluge.
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.
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