Miller's Statement on the IRS' Decision to Change the 1099-K Threshold

November 27, 2024

Washington, D.C. – Today, Congresswoman Carol Miller (R-WV) has released a statement following the Internal Revenue Service’s (IRS) decision to illegally implement the $5,000 1099-K threshold for tax year 2024.

“When Democrats passed the American Rescue plan in 2021, they lowered the 1099-K reporting requirement from $20,000 and 200 transactions to $600 because they knew they needed to raise taxes to fund their far-left agenda. The IRS and Republicans alike knew this was bad policy, but the IRS took the legally dubious action of changing the reporting threshold to $5,000 without Congressional approval. This has left businesses paralyzed with confusion and Americans unsure of how to proceed. Republicans know that the U.S. government does not have a revenue problem, but a spending problem, and Americans shouldn’t be double taxed because of the Biden administration’s wasteful and out of control spending.

With the sweeping Republican majorities, taxpayers will now have the certainty they deserve when using online payment platforms. I introduced the Saving Gig Economy Taxpayers Act which will keep the reporting requirement at $20,000 and over 200 transactions, protect Americans who use online payment platforms, gig economy workers, and small e-commerce sellers from being taken advantage of by the IRS, and will ensure they have access to modern financial services platforms. I’m confident that with Republicans in charge, we will raise the reporting threshold so Americans paying rent through Venmo or selling used exercise equipment on eBay aren’t being taxed as a small business,” said Congresswoman Miller.

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Issues:Economy