1099K Reporting

[War_in_D]

Not sure if this was mentioned in any of the other BBB threads because I didn't feel like wading through pages of "you suck!!", "no, you suck!!" posts to find out.

Looks like, as part of the BBB, the current asinine 1099K reporting structure has been repealed and put back to the 20K/200 transaction limit.

If this has been mentioned, please accept my apologies, and feel free to carry on with the "you suck!!", "no, you suck!!" posting.

Happy 4th!!

 

[Dan Gleesak]

 

[Wizard of Ozz]

However, the passage of the "One, Big, Beautiful Bill" by the House suggests a strong possibility that the reporting threshold will revert to the higher $20,000/200 transaction standard, potentially as soon as the 2025 tax year, if the bill is signed into law.

WASHINGTON, D.C. – The One, Big, Beautiful Bill repeals a burdensome tax reporting requirement perpetrated by Democrats during their reign over Washington and provides additional tax and paperwork relief to small businesses and workers. Under the so-called American Rescue Plan Act (ARPA), Democrats made changes to the existing Internal Revenue Service (IRS) 1099-K tax reporting rule to impose reporting requirements on Americans using third-party payment apps like Venmo and PayPal for transactions as low as $600. According to the Joint Committee on Taxation, filers making less than $200,000 would bear over 90 percent of this tax burden. The One, Big, Beautiful Bill stops this Democrat attack on America’s gig economy by repealing the ARPA 1099-K rule.

Winning continues.

 

[Robostyle]

I always found it funny that the administration that laundered billions of my tax dollars, was worried about what i do with $600 of my own money.

 

[SatanicPanic]

I always found it funny that the administration that laundered billions of my tax dollars, was worried about what i do with $600 of my own money.

That was infuriating. If it is truly repealed then good. I won't be affected but it's great for the gear community as a whole.