Lawmakers from both parties are seeking changes to a pending tax rule change. The rule would require third-party companies to send 1099-K forms to taxpayers who earn more than $600 in revenue from part-time work or selling goods. In a provision from the American Rescue Plan to force more wealthy taxpayers to pay their fair share, the minimum dollar amount threshold of transactions that would trigger the form would drop from the current $20,000 threshold to $600. Legislation is already being proposed to deal with the change, but it varies by party. A Democrat proposal would increase the dollar amount threshold to a $5,000 minimum while a Republican proposal would keep it at $20,000. But, with time running out on the lame-duck session, it seems unlikely any new legislation will be passed by year’s end.  

Source: Bloomberg Law

19489 14365 15024 19535 16575 5871 14049 9488 15550 5843 15553 19493 19498 19497 18848 18708 18344 14352 15460 14621 15167 16662 17940 18156 5832 5945 14662 14010 5851 5847 14032 14043 14041 5865 14037 5861 5841 5519 5856 5863