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- Raising the 1099 Filing Threshold
Raising the 1099 Filing Threshold
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BobKamman
Level 15
06-17-2023
02:50 PM
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Just because I live in his district doesn’t mean I have ever voted for him. But even a blind squirrel occasionally finds an acorn:
"An influential U.S. House committee this week endorsed a tax-relief package that included language by Rep. David Schweikert that would raise the Form 1099 reporting threshold from $600 to $5,000....According to Schweikert's office, the threshold has never been adjusted for inflation; $600 in 1954 when the rule was created would be worth over $6,700 in 2023. Schweikert's bill includes provisions that would adjust the threshold for inflation."
1 Comment 1
rcooley25
Level 11
06-18-2023
09:30 PM
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If they get that bill passed what it means is there are going to be alot of people not reporting their income because it is not getting reported to the IRS. A sub contractor ight be working for several different companies and not paying any income taxes on the income because it is not being reported. I will let you folks deside if that is a good thing or a bad thing.
