The Internal Revenue Service has sent reminders about the change in policy which requires third-party payment processors like Venmo, Paypal and Ticketmaster to report transactions which exceed $600. Part of the American Rescue Act passed in March 2021, Americans must now fill out a 1099-K form for any $600 transaction using online platforms. Critics warn that the policy represents new levels of government overreach which is specifically targeted at small-businesses and middle-class Americans. Grover Norquist of Americans for Tax Reform’s also warned of many people being audited.
House Judiciary and Intelligence Committees to Hear Testimony of Special Counsel John Durham in June