Momentum is building in Congress to increase the business transaction threshold as lawmakers from both parties and e-commerce platforms clamor for changes to new tax reporting requirements.
The 2021 pandemic aid law included a provision to help gig economy workers correctly pay their taxes by requiring Uber, eBay, and other companies to tell contract workers how much money they had made on those platforms. The law requires those platforms to send 1099-K forms to taxpayers with more than $600 in business transactions, without setting a minimum threshold for number of transactions, starting for tax year 2022.
The ...
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