Sens. Sherrod Brown (D-Ohio) and Bill Cassidy (R-La.) are looking to raise a tax reporting requirement for third-party transaction platforms to $10,000 from $600.
The 2021 Covid aid legislation lowered the 1099-K reporting threshold, requiring platforms like Venmo, PayPal, and Uber to send tax reporting forms to users who have made over $600 in transactions. The IRS late last year delayed the new rule from going into effect for the 2023 tax filing season.
Republicans have introduced bills to revert the threshold back to users with over 200 commercial transactions that overall exceed $20,000, while the Brown-Cassidy ...
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