NFIB Statement on Delay of Burdensome IRS $600 Threshold Reporting Requirement Impacting Small Businesses

December 28, 2022

NFIB Statement on Delay of Burdensome IRS $600 Threshold Reporting Requirement Impacting Small Businesses

WASHINGTON, D.C. (December 28, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement regarding the IRS announcement that they will delay the expanded Form 1099-K reporting requirement for annual transactions in excess of $600 from online platforms like eBay, Etsy, Venmo, and CashApp. “The one-year Administrative delay by the IRS allows small businesses to breathe a sigh of relief from being inundated with new Form 1099-K reporting early next year,” said Vice President of Federal Government Relations Kevin Kuhlman. “The delay provides more time to increase the thresholds and reduce the paperwork burden on small businesses. NFIB urges Congress to continue working to provide relief from this burdensome reporting requirement.”

Topics:

Taxes

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