A new Government Accountability Office (GAO) report shows that the Internal Revenue Service for the first time will be sending out 1099-K tax forms to about 30 million Americans for earnings paid through Venmo and PayPal.
House Ways and Means Chairman Jason Smith, R-Mo., responded : “Thanks to Democrats, more Americans who mow lawns or sell concert tickets and used couches through Venmo or PayPal will have those transactions scrutinized by the IRS starting in January 2024 thanks to a lower reporting threshold for IRS form 1099-K,” read an analysis from Smith’s office on Thursday.
“A new report from the GAO shows that the IRS will send at least 30 million new 1099-K tax forms to Americans’ mailboxes come January, even though the agency has no plan on what to do with the new information – and it is unlikely most Americans will understand how to fill them out,” his office […]
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