The IRS temporarily delayed the new reporting requirements for payments $600 and more

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Source: Fox News

Two Democratic senators are attempting to take credit for the postponement of an IRS requirement they helped kick-start, claiming the “burdensome requirement” could “hurt” taxpayers.

President Biden’s American Rescue Plan (ARPA), which was signed into law in March 2021, included a requirement for the Internal Revenue Service (IRS) to lower the Form 1099-K reporting threshold for online transactions from $20,000 to $600.

After weighing public response, the IRS temporarily postponed the new effort prior to Thanksgiving, citing “feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion.” The agency said they will postpone the effort until 2024 and set the new reporting threshold at transactions of $5,000 and over.

Sens. Jon Tester, D-Mont., and Sherrod Brown, D-Ohio, who are both facing tough re-elections in states won by former President Trump in 2020, are claiming they aided in the delay of significantly lowering the IRS’ reporting threshold, despite helping pass the controversial bill it stemmed from.

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