For all of you on your side hustle, the IRS announces delay of $600 limit for 1099-k third party payment platforms

Submitted by Guysmarket t3_zzb8e2 in wallstreetbets

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

Through the American Rescue Plan of 2021, if you sold over $600 through third party payment platforms like Paypal or Venmo, you would automatically be sent a 1099-K

The IRS is basically saying that they will ignore this for 2022 and start this in 2023.

Now it's unclear if there will be a change to this. There's currently a few bills trying to change this.

Senator Hassan has the Cut the Red Tape for online sales act that would increase the threshold to $5,000

Senator Cramer has the Stop the Nosy Obsession with Online Payments Act of 2022 (SNOOP)

This bill will essentially eliminate the $600 and get us back to the good days of $20,000 and 200 transactions.

So obviously, this $600 limit might be annoying if you're just a small time casual seller trying to sell some stuff on Ebay.

Anywho, hope you found this helpful

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Terbmagic t1_j2al8p0 wrote

Thanks for telling me after the year past so I didn't do it all year! Appreciate that IRS!

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redditbebigmad t1_j2apgmx wrote

How will they ever catch elon musk if they dont audit his 600 dollar venmo transactions? I mean thats the only reason they wanted 87 fucking thousand agents. For “billionaires”.

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Same_Class5866 t1_j2cnz9l wrote

Bottom line is the IRS's job is to collect income for the government. Its easier to take from the poor, then the rich. Sadly this is how the US works.

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LupoOfMainSt t1_j2ansby wrote

As a trapper, I appreciate this. Bitcoin from now on

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Deviusoark t1_j2c3tmb wrote

As a real trapper og double og plus, your times running out kid

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Jackie296 t1_j2au6hp wrote

So going foreward back to 600 after 2023?

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stacked_shit t1_j2c4kud wrote

87,000 new is agents and 600 dollar reporting. Yes, thank God that someone finally took action.

It definitely sounds like this administration will put an end to tax dodging billionaires now.

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backsidealpha t1_j2dve2p wrote

I imagine we’ll still get 1099’s from eBay and other big vendors as they’ve already spent the money on the infrastructure to produce them.

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VisualMod t1_j2ajghh wrote

>What a bunch of poor, dumb idiots. They should just be happy that they're allowed to sell their crap online at all. I can't believe the government is even considering making it easier for them. This country is going to hell in a handbasket.

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