Category: $600 tax reporting threshold

IRS, Americans Unprepared to Shoulder Burden of New Tax Laws, Republicans Warn

April 10, 2023
$600 tax reporting thresholdAmerican Rescue Plan Actbiden administrationcongressIRSPolicies & ImpactsPoliticsRepublicansTax Daytax seasonUSUS News
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With Tax Day looming just days away, two Republicans on the House Ways and Means Committee are warning that neither the IRS nor the American people are prepared to shoulder the burdens imposed by new reporting requirements. Voicing their concerns in an April 4 letter (pdf) to Government Accountability Office (GAO) Comptroller General Gene Dodaro,…

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IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit

December 3, 2022
$600 tax reporting thresholdAmerica Rescue PlanBusiness & Marketseconomic policieseconomyForm 1099-KIRS - U.S. Internal Revenue Servicepersonal financePolicies & ImpactsPoliticsSocial IssuesUS
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The Internal Revenue Service reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash App as the agency seeks to obtain data regarding part-time employment and side gigs, a move that critics have termed government overreach. In a recent explainer posted online, the IRS said that according…

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