The IRS is now tracking ticket resellers who made more than $600.
A bill known as the Small Business Jobs Act would restore the old reporting threshold of $20,000 in revenue and more than 200 transactions. It was advanced by the House Ways and Means Committee earlier this year, but it faces an uncertain fate in Congress and would reduce federal revenue by about $9.7 billion over a decade, according to an analysis by the Joint Committee on Taxation.
A separate bipartisan proposal in the Senate known as the Red Tape Reduction Act would roughly split the difference between the new and old standards by setting the threshold at $10,000 in revenue and 50 transactions. During a House Ways and Means Committee hearing this spring, Werfel was asked about whether the IRS would support the restoration of the old threshold. He said that while he declined to comment on a policy preference, he indicated it would likely be easier for the IRS to administer a revised threshold.
"I cannot opine on the wisdom or the preference of a particular policy outcome, but I will share that a change in the threshold would be easier to administer, and so at my seat of the table, I’d say the IRS would have an easier time of administering it," Werfel said.
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