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." Does Venmo report to IRS for personal use? A 2021 report by the Joint Committee on Taxation estimated that the measure would bring in $8.4 billion in tax revenue from 2021-2031.
The measure was intended to lower the tax gap between what people owe in taxes versus what they end up paying. The $600 reporting threshold was a product of the $1.9 trillion American Rescue Plan, which was signed into law in 2021. Smaller tax refunds in 2023: Here's how to get every penny of it Why was the reporting threshold lowered to $600? Trump tax returns: House committee report shows IRS failed to conduct 'mandatory' audits The IRS said it would return to prior thresholds where e-commerce platforms would only be required to send 1099-K forms to entities that earned $20,000 in payments from over 200 transactions in 2022. What is the limit for 1099-K reporting in 2022?
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