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IRS Delays $600 Gig-Tax Rule


avemaria
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Still unsure what the rules are or when it takes effect but this is something to look into so we're all clear on it.

 

The Internal Revenue Service on Friday announced they are delaying new tax-reporting requirements for millions of Americans who made more than $600 of income from e-commerce platforms such as Ebay, Etsy and Airbnb.

The one-year reprieve means that said e-commerce platforms will not give the tax agency information on users whose income exceeds the $600 level, nor will they be required to provide sellers with a blizzard of 1099-k tax forms in early 2023. As the Wall Street Journal notes, this also means that opponents of the $600 rule can push for a change in the law next year.

“The additional time will help reduce confusion during the coming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements,” according to Acting IRS Commissioner Doug O’Donnell.

 

Continued in link below-

https://www.activistpost.com/2022/12/irs-delays-600-gig-tax-rule.html

 

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  • 2 weeks later...

Yes, this was part of Biden's so called American Rescue Act, yet this new tax law would have just hurt Americans even more. Hopefully the opponents will get us all some relief and get this $600 min raised to at least $2,000 - $3,000. Yes, technically even if you make .60 total on surveys, you are "supposed" to report it on your taxes. Yet, I doubt many people do. In fact, even if you win a $2 scratchoff lottery ticket, you are technically supposed to report that too.

 

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I don’t think most people are resistant to paying taxes, I just think they don’t like paying taxes and then watching the money be wasted or even outright stolen. The government needs to take care of the money it has before asking for more from people who already can’t spare it.

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On 1/1/2023 at 3:41 PM, Njsurveyman said:

Yes, this was part of Biden's so called American Rescue Act, yet this new tax law would have just hurt Americans even more. Hopefully the opponents will get us all some relief and get this $600 min raised to at least $2,000 - $3,000. Yes, technically even if you make .60 total on surveys, you are "supposed" to report it on your taxes. Yet, I doubt many people do. In fact, even if you win a $2 scratchoff lottery ticket, you are technically supposed to report that too.

 

I thought you only have to declare winnings above a certain amount, like $999 or something like that?

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19 hours ago, babs69 said:

I thought you only have to declare winnings above a certain amount, like $999 or something like that?

That is what I understood as well , but the threshold is $600.

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