The Internal Revenue Service announced it wouldn't make e-commerce platforms send an income tax form known as 1099-K to businesses that earned at least $600 in 2022.
The $600 reporting threshold was a product of the $1.9 trillion American Rescue Plan, which was signed into law in 2021. The measure was intended to lower the tax gap between what people owe in taxes versus what they end up paying. A 2021
by the Joint Committee on Taxation estimated that the measure would bring in $8.4 billion in tax revenue from 2021-2031.The IRS said,"the law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill."
Venmo says the IRS requires it along with all payment processors in the United States"to provide information about customers who receive payments for the sale of goods or services," according to a blog"We do not report friends and family transactions like splitting the bill on something," said Joseph Gallo, a spokesperson at PayPal, the parent company of Venmo.
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