Will the new $600 IRS reporting threshold change your habits?

cruiserdaddy7 · 03-07-2021, 01:45 AM

https://www.politico.com/news/2021/0...-losers-473902

As posted by member "Brad" in another area:

For those in the sharing economy, the issue is provisions that would dramatically reduce the threshold at which companies like eBay, GrubHub, Doordash and others would have to report to the IRS the earnings of people who use their platforms to make money. The users would also have to be given the information.

Currently, that’s only necessary when someone earns more than $20,000 through at least 200 transactions. Democrats would drop that to anyone earning more than $600, regardless of the number of transactions.

That’s projected to generate a lot of money — $8.4 billion over the next decade, according to an official forecast — because people are more likely to pay taxes on their earnings when they know someone else is telling the IRS how much they made.

How many small sellers will be willing to turn over the ole SSN to ebay and Paypal for over $600 in transactions? I could see this really changing the market a bit.

03-07-2021, 01:45 AM	#1
cruiserdaddy7 Member Join Date: Jul 2007 Posts: 15,541 Cruiserdaddy7	Will the new $600 IRS reporting threshold change your habits? https://www.politico.com/news/2021/0...-losers-473902 As posted by member "Brad" in another area: For those in the sharing economy, the issue is provisions that would dramatically reduce the threshold at which companies like eBay, GrubHub, Doordash and others would have to report to the IRS the earnings of people who use their platforms to make money. The users would also have to be given the information. Currently, that’s only necessary when someone earns more than $20,000 through at least 200 transactions. Democrats would drop that to anyone earning more than $600, regardless of the number of transactions. That’s projected to generate a lot of money — $8.4 billion over the next decade, according to an official forecast — because people are more likely to pay taxes on their earnings when they know someone else is telling the IRS how much they made. How many small sellers will be willing to turn over the ole SSN to ebay and Paypal for over $600 in transactions? I could see this really changing the market a bit. __________________ Show me your friends and I'll show you your future.