House Republicans’ new tax-cut package includes a measure that would squash a tax-reporting threshold for gig workers and sellers who use PayPal, Venmo or other payment networks.
House Republicans’ new tax-cut package includes a measure that would squash a $600 tax-reporting threshold for gig workers and sellers who use payment networks like PayPal or Venmo.
The new $600 threshold, which comes with no minimum number of transactions, stems from 2021’s American Rescue Plan Act, which was Democrats’ $1.9 trillion COVID-19 aid package. The reform was also criticized for eliciting confusion, especially regarding what types of transactions needed to be reported. The IRS said the 1099-K form was directed toward businesses to report income from goods and services, and it was “not intended to track personal transactions.
Steven M. Rosenthal, senior fellow at the Tax Policy Center, and Daniel Hemel, professor at NYU School of Law, wrote in a TaxVox blog that “Congress’s decision to lower the threshold for third-party payment platforms was a step in a positive direction,” and “delaying the $600 rule is an unfortunate blemish on [the Biden] administration’s tax record.”
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
House Republicans set to pass legislation to hobble the administrative stateHouse Republicans are set to pass legislation that would dramatically roll back government bureaucracy and put more control in the hands of elected officials.
Consulte Mais informação »
House Republicans introduce bill to remove SEC Chair Gary Gensler, restructure agencyTwo House Republicans have introduced a bill to remove SEC Chairman Gary Gensler from his position and restructure the Securities and Exchange Commission.
Consulte Mais informação »
Marjorie Taylor Greene has a plan to fight Trump's indictmentThe Department of Justice's funding mechanisms are once again in House Republicans' crosshairs.
Consulte Mais informação »
House Democrats look to force Republican majority to act on gun reformHouse Democrats are relaunching a long-shot effort to transform gun safety in the United States by putting pressure on the Republican majority to enact an assault weapons ban that faces opposition even within their own ranks.
Consulte Mais informação »
'Remote work doesn't work': David Sacks, ex-PayPal executive, blasts working from home as 'lifestyle'JPMorgan Chase CEO Jamie Dimon said back in 2021 that working remotely "doesn’t work for those who want to hustle."
Consulte Mais informação »