IRS - IRS Deferment Of Enforcement Deadlines A Boon For Taxpayers But May Cost $8B | Benzinga
The Internal Revenue Service has decided to postpone tax enforcement deadlines set by Congress, a move that could result in a significant financial blow to the Treasury, in excess of $8 billion.
What Happened: As reported by The Wall Street Journal, the IRS has delayed the enforcement of new tax requirements targeted at e-commerce platforms, older 401(k) savers, and cryptocurrency brokers. This recent deferment could potentially lead to the Treasury facing a loss of more than $8 billion.
The latest delay involves tax forms that platforms like Venmo and Ticketmaster are required to send to the IRS and their users who earn revenue over $600 annually. This postponement could be beneficial to taxpayers, as it spares them from burdensome requirements. For example, individuals selling items on eBay or reselling tickets on StubHub will not receive perplexing tax forms in January. Moreover, high-income workers aged 50 and above will still be able to make their full retirement contributions in pretax dollars next year.
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