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NASE Opposes ARP Changes to 1099K Reporting
On Friday, February 26, the NASE joined 50+ organizations in opposing changes to 1099K reporting included in the American Rescue Plan (ARP).
"The implications of the proposed provision may be counterintuitive to Congress’ intent of supporting and safeguarding Main Street America. This could possibly lead to changes in small business operations and we do feel that in a year in which small business owners and entrepreneurs are dealing with a myriad of challenges, making this change would place a burden on small business owners and entrepreneurs and further complicate an already challenging tax season for small business and entrepreneurs."
We are calling on Congressional leaders to strip the provision from the ARP as we believe there is a time and place to have a robust policy conversation related to 1099K reporting
thresholds, however, we encourage Congress to remain focused on supporting small business owners and entrepreneurs in recovering from the devastating impact of the COVID-19 pandemic.
Read the full letter here.