Southern West Virginia News

Congresswoman Carol Miller of West Virginia has issued a statement regarding the Internal Revenue Service's decision to change the 1099-K threshold for the tax year 2024. The IRS has set this threshold at $5,000, a move that Miller claims was done without Congressional approval.

"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," stated Congresswoman Miller. She further criticized the IRS for taking "the legally dubious action of changing the reporting threshold to $5,000 without Congressional approval." According to her, this decision has caused confusion among businesses and taxpayers.

Miller emphasized that Republicans believe "the U.S. government does not have a revenue problem, but a spending problem," arguing against what she described as double taxation due to "the Biden administration’s wasteful and out of control spending."

The congresswoman highlighted her legislative efforts with the introduction of the Saving Gig Economy Taxpayers Act. This act aims to maintain the reporting requirement at $20,000 and over 200 transactions. It seeks to protect gig economy workers and small e-commerce sellers from being unfairly taxed by ensuring 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," added Congresswoman Miller.

In April 2023, it was noted that IRS Commissioner admitted that the 1099-K threshold should revert back to $20,000. Additionally, Congresswoman Miller has been active in questioning Secretary Yellen on President Biden's budget concerning these issues.