It takes an unusually bad tax enforcement idea for even the IRS to tell Congress to take a beat. But that’s exactly what the IRS is doing for the second time in a year.
As part of the American Rescue Plan Act (ARPA) of 2021, Congress dramatically lowered the reporting threshold for Form 1099-K from $20,000 to $600. If you’ve never heard of Form 1099-K, you’re not alone — the form, used to report peer-to-peer transactions on third-party platforms such as Etsy, eBay, and Ticketmaster, was generally only necessary for individuals with substantial income off of these platforms.
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