Professor Deanna Newton Quoted in "New IRS Rule for Reporting Online Sales Creates Confusion" -- The National Desk
Professor Deanna S. Newton is quoted in the National Desk article, "New IRS Rule for Reporting Online Sales Creates Confusion for Platform, Users." The article examines a new tax rule requiring third-party sales platforms to issue a 1099-K tax form to users.
Excerpts from "New IRS Rule for Reporting Online Sales Creates Confusion for Platform, Users"
I think the third-party platforms were really concerned about this new rule because it puts a lot more pressure on them to be in compliance with the IRS so third-party platforms have moved towards following this rule in 2022 although there is a transition period,” said Deanna Newton, a tax law professor at Pepperdine University.
Newton says if you’re a seller on one of these platforms, it’s ok to put in your social security number because it’s a record for transactions to be reported to the IRS. She adds, however, that she does think third-party platforms should have an option allowing people who don't meet the $600 threshold not to have to put in that information.
The complete article may be found at The National Desk