Wednesday December 7, 2022 – I have been shouting from the roof tops about the $600 limit for 1099K reporting I have even predicted that, once taxpayers are faced with this monstrosity, Congress would take action to reverse it.
Well, today a Democratic Congressman, from Illinois no less, Raja Krishnamoorthi, sponsored legislation to “radically increase the threshold” from $600.00.
The IRS has been on a propaganda campaign to alert taxpayers that this new rule is coming…and coming soon.
Remember, the Affordable Care Act originally included a provision that required businesses to report every purchase from a single vendor over $600. That provision was quickly repealed – Before it went into effect. At the time, IRS Taxpayer Advocate Nina Olson, reported that costs to businesses would drastically outweigh the expected revenue ($19 billion over 10 years).
Attorney Steven A. Leahy does not take too many bows for the accurate prediction in Today’s Tax Talk.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649