EBay, Etsy, Venmo, and PayPal are keeping up their lobbying spending to raise the business transaction threshold for when e-commerce companies must send IRS reporting forms to taxpayers.
Online platforms are currently required to send tax reporting forms to users and the IRS if sellers made at least $20,000 in at least 200 different transactions. 2021 Covid aid legislation lowered the 1099-K reporting threshold to $600, but the IRS delayed the new requirement from going into effect until the 2024 filing season.
The IRS likely won’t delay the change again, Democrats and Republicans have said, meaning legislation would be needed ...
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