New IRS Requirement Raises Questions About Vow to Expand Audits Only on ‘Rich’

Started by Epoch-Times-Bot, Dec 28, 2022, 03:00 PM

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Epoch-Times-Bot

Dec 28, 2022, 03:00 PM
New IRS Requirement Raises Questions About Vow to Expand Audits Only on 'Rich'

Commentary
Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out.
Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy, and Airbnb are now required to send Form 1099-Ks to individuals reporting 2022 gross annual income of as little as $600. That's $50 a month.
The previous annual reporting threshold was $20,000.
The lower reporting threshold shouldn't affect people's tax liability—at least in theory.
Income that was untaxable before the reporting change should still be untaxable. However, simply receiving a Form 1099-K will make many taxpayers believe they have a tax obligation, even when they don't....

Source: New IRS Requirement Raises Questions About Vow to Expand Audits Only on 'Rich'

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