From WSJopinion: Under a new tax law, many more transactions are being tracked. Next tax season will be a nightmare, writes RyanLEllis.
The teachers union chief wants to give millionaires a tax break by restoring the deduction for state and local taxes. She hopes it will lead to higher teacher pay and pensions. Images: Getty Images Composite: Mark KellyIn the best of times, the Internal Revenue Service is tough to deal with, and tax season is never fun. But the past few years have seen the IRS lurch from one crisis to another. And things are about to get much worse for millions of taxpayers.
In 2021 Congress expanded the reporting requirements of the obscure Form 1099-K. This information-reporting form tracks business transactions done with a credit or debit card or such peer-to-peer services as Venmo and Paypal .