House Ways and Means Republicans want IRS Commissioner Danny Werfel to testify this winter on the agency’s decision to phase in a requirement for when e-commerce platforms must send a copy of the 1099-K information return to taxpayers, saying the IRS didn’t have the authority to take this action.
Taxpayers who use platforms like CashApp, Venmo, and PayPal were set to receive a 1099-K form early next year if their business transactions exceeded $600. Democrats in the 2021 American Rescue Plan Act had lowered the threshold to $600, with an effective date of this past year’s filing season, but the ...
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