The IRS’s Act of $600 Mercy
null By The Editorial BoardNov. 21, 2023 6:48 pm ETJournal Editorial Report: The week’s best and worst from Kim Strassel, Kyle Peterson, Mary O'Grady and Dan Henninger. Images: AP/AFP/Getty Images/Reuters/Zuma Press Composite: Mark KellyWhile rarely a bearer of good news, the Internal Revenue Service on Tuesday postponed a $600 reporting threshold for payments received via online platforms such as Venmo, eBay and Airbnb. The IRS is doing a favor for itself and President Biden as much as it is for Americans.Readers may recall that the American Rescue Plan Act in March 2021 lowered the threshold for third parties reporting transactions on Form 1099-K to $600 annually from $20,000. Democrats’ goal was to nab Americans who allegedly dodge taxes by failing to report income earned from, say, driving for Uber or renting out second homes on Airbnb.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your article witha WSJ subscriptio
Nov. 21, 2023 6:48 pm ET
While rarely a bearer of good news, the Internal Revenue Service on Tuesday postponed a $600 reporting threshold for payments received via online platforms such as Venmo, eBay and Airbnb. The IRS is doing a favor for itself and President Biden as much as it is for Americans.
Readers may recall that the American Rescue Plan Act in March 2021 lowered the threshold for third parties reporting transactions on Form 1099-K to $600 annually from $20,000. Democrats’ goal was to nab Americans who allegedly dodge taxes by failing to report income earned from, say, driving for Uber or renting out second homes on Airbnb.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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