TechNet has called on Congress to take legislative action to increase the 1099-K tax reporting threshold. This request comes as the House Ways & Means Committee is scheduled to hold an executive business meeting to consider legislation addressing this issue. The statement from TechNet President and CEO Linda Moore emphasizes the urgency of this matter.

"Congress must address the urgent matter of raising the 1099-K tax reporting threshold," said Moore. "The American Rescue Plan Act of 2021 included language drastically lowering the 1099-K reporting threshold from $20,000 to $600 annually. While the Internal Revenue Service has slowed implementation of this change, the reduced threshold complicates tax filings and negatively impacts millions of Americans."

Moore highlighted that a wide range of individuals, including working mothers selling used items online, seniors renting unused space in their homes through online services, and recent graduates starting businesses, are adversely affected by this lowered threshold.

"Multiple pieces of legislation raising the 1099-K threshold have been introduced by members of both parties to provide critical protection for casual sellers, entrepreneurs, and microbusinesses," Moore added. "We urge lawmakers from both parties to work together to fix the 1099-K tax reporting threshold and provide Americans with the tax certainty, clarity, and relief that they need."