From September 14, 2022 post
Today, Congressman Chris Pappas (NH-01) announced that his legislation Cut Red Tape for Online Sales Act was listed on the National Taxpayers Union’s 2022 “No-Brainer” list of bills Congress should pass.
“By selling used goods online, Granite Staters are able to utilize a much-needed economic lifeline. It does not make sense that these transactions, which are not creating taxable income, are triggering IRS reporting requirements,” said Congressman Chris Pappas. “The reporting threshold should be raised to ensure burdensome and confusing reporting requirements do not result in a seller’s incorrect overpayment or ineligibility for certain tax benefits. I’m pleased to see my legislation recognized as a “No Brainer” by the National Taxpayers Union, and I urge my colleagues to join me in supporting this commonsense fix.”
"NTU is proud to highlight 1099-K reform efforts on its 12th annual No Brainers list of bipartisan legislation Congress should pass in 2022. NTU applauds Rep. Pappas for his leadership on the Cut Red Tape For Online Sales Act, which would raise the 1099-K reporting threshold for taxpayers from $600 to $5,000 and provide relief to numerous middle-class taxpayers using third-party payment platforms. Reforming 1099-K and saving taxpayers a whole lot of hassle and paperwork is a No Brainer," said Andrew Lautz, the Director of Federal Policy.
Pappas’s Cut Red Tape for Online Sales Act would raise the reporting threshold for 1099-K reporting from $600 to $5,000 and require entities to issue a plain-language description of the taxability of income reported on Form 1099-K to reduce confusion among online sellers.
Original source can be found here.
