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Millions of Americans set to get surprise tax forms in 2023
Link: https://www.axios.com/2022/12/14/surprise-tax-forms-2023
There's a tax headache ahead next year for millions of Americans who use apps like Venmo or Paypal regularly, part of a little-noticed change passed in March as part of the American Rescue Plan. | Anyone who was paid more than $600, for selling goods or services, using one of these third-party apps should get a 1099-K tax form detailing that money. It may get confusing. Experts worry the IRS doesn't have the resources to deal with the onslaught of forms, which will be sent to the agency, too. Another worry is that many folks will get a form and not owe taxes, but still need to go through a rigamarole to cope. Before the law was changed, 1099-Ks went out only to those who took in more than $20,000 through more than 200 transactions.
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