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IRS Delays Implementation of New Tax Rules

After facing months of pressure from small businesses and entrepreneurs, the IRS has agreed to once again delay the implementation of new rules that would increase tax paperwork for OhioÔÇÖs smallest businesses.

Without the delay, online sellers and small businesses in Ohio would have been mandated to complete a 1099-K tax form for any transactions over $600 beginning in January. This would have added more bureaucratic hurdles for Ohioans to navigate.

Many online sellers are entrepreneurs striving to establish their small businesses, which is already a daunting task. In an economy where corporate wages are insufficient and hard work does not always pay off, it is not surprising that people turn to platforms like E-Bay and Etsy to earn extra income. The additional tax paperwork would have presented an unnecessary burden to these Ohioans.

Earlier this year, a bipartisan Red Tape Reduction Act was introduced to permanently raise the tax reporting threshold for online sellers from $600 to $10,000. While efforts are underway to pass this bill, pressure has been put on the IRS to postpone the implementation of the $600 reporting threshold.

The IRS was confronted about this issue at a hearing, and a demand was made to delay the implementation while a permanent solution is worked on. Last week, it was confirmed that the IRS will extend the higher threshold for another year, providing relief to small businesses in Ohio.

To ensure certainty for these Ohioans, there is a need to pass the bipartisan bill and establish the higher threshold in law, protecting Ohioans from excessive and unnecessary paperwork.

It is evident that Ohioans who rely on their online businesses do not wish for the threshold to be lowered. If a rule garners such unpopularity and difficulty in implementation that it requires repeated delays, it is a clear indication that the rule should not have been imposed in the first place.

Sherrod Brown (D-Ohio) represents the state in the U.S. Senate.

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