Lawyer Reveals How Many Taxpayers May Be Impacted by New IRS Rules Coming Next Year

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A lawyer representing a coalition of firms who are trying to change new Internal Revenue Service (IRS) requirements about reporting certain payments via Venmo, CashApp, Etsy, and other online services believes that tens of millions of taxpayers will get new tax statements for the first time ever next year.

Under the American Rescue Plan, passed in 2021, services like Venmo and CashApp will have to provide 1099-K forms to taxpayers if they receive payments of $600 or more for the entire year via those services. That threshold lowered from $20,000 under previous rules.

Arshi Siddiqui, with a law firm representing businesses attempting to change the new tax requirements, said she believes that as many as 50 million people would get new tax statements for the first time next year.

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