For the second year in a row, the IRS has decided to postpone implementation of a rule change that would affect tax filers who receive business income for their goods
Ticket at face value, you could make a tidy profit on it if you were to resell it. republicans in the house, ways and means committee, sold a couch, resold tickets at the price you paid or extra work on the side you could trigger greater scrutiny from the internal revenue service. tax experts warn it will trigger a flood of 1099k forms, as many as 20 million, overwhelm irs agents. it was in the american rescue plan. how did it ever get passed? this particular piece of the rules needed to be adjusted and i think people like myself and others had sponsored legislation do so after the fact. routinely there is legislation that gets passed and then corrected and you know, succeeding years, a good example, the tax cuts and jobs act. a lot of my republican colleagues and i are still trying to fix the salt cap which is really messed up and raised