New Rule Requires Broadway Scalpers to Reveal Sales
The post New Rule Requires Broadway Scalpers to Reveal Sales appeared on BitcoinEthereumNews.com. Atmosphere outside the Majestic Theatre on April 9, 2023 dpa/picture alliance via Getty Images Uncle Sam is coming after scalpers. Enacted as a part of the American Rescue Plan Act, a new rule requires resale ticket platforms like Ticketmaster and StubHub to report any users who made more than $600 from selling tickets to Broadway shows and other events in 2023 to the U.S. Internal Revenue Service. Each reseller will then be forced to file a Form 1099-K and could pay additional taxes on any profits. Previously, resale ticket platforms were only required to report users who resold tickets for more than $20,000 and were involved in more than 200 transactions. “Before, the IRS did not have any way to know about earnings from resold tickets,” explained Tommy Lucas, a certified financial planner at Moisand Fitzgerald Tamayo. “Now, these platforms are required to notify the IRS and you have to report,” he said. As a result, the individuals who charged nearly $4,000 for tickets to the final performance of The Phantom of the Opera on Broadway will not be able to hide from the government when it comes time to pay taxes. Several companies and politicians oppose the new rule. For example, StubHub joined the Coalition for 1099-K Fairness interest group, which is lobbying legislators to reinstate the higher reporting threshold. The recent change causes “fear, confusion, frustration, and overreporting of taxable income,” argue representatives of the group. However, the U.S. Congress’ Joint Committee on Taxation estimates that reversing the rule would lead to about $9.7 billion in lost revenues for the federal government between 2023 and 2033. Source: https://www.forbes.com/sites/marchershberg/2023/10/16/new-rule-requires-broadway-scalpers-to-reveal-sales/
The post New Rule Requires Broadway Scalpers to Reveal Sales appeared on BitcoinEthereumNews.com.
Atmosphere outside the Majestic Theatre on April 9, 2023 dpa/picture alliance via Getty Images Uncle Sam is coming after scalpers. Enacted as a part of the American Rescue Plan Act, a new rule requires resale ticket platforms like Ticketmaster and StubHub to report any users who made more than $600 from selling tickets to Broadway shows and other events in 2023 to the U.S. Internal Revenue Service. Each reseller will then be forced to file a Form 1099-K and could pay additional taxes on any profits. Previously, resale ticket platforms were only required to report users who resold tickets for more than $20,000 and were involved in more than 200 transactions. “Before, the IRS did not have any way to know about earnings from resold tickets,” explained Tommy Lucas, a certified financial planner at Moisand Fitzgerald Tamayo. “Now, these platforms are required to notify the IRS and you have to report,” he said. As a result, the individuals who charged nearly $4,000 for tickets to the final performance of The Phantom of the Opera on Broadway will not be able to hide from the government when it comes time to pay taxes. Several companies and politicians oppose the new rule. For example, StubHub joined the Coalition for 1099-K Fairness interest group, which is lobbying legislators to reinstate the higher reporting threshold. The recent change causes “fear, confusion, frustration, and overreporting of taxable income,” argue representatives of the group. However, the U.S. Congress’ Joint Committee on Taxation estimates that reversing the rule would lead to about $9.7 billion in lost revenues for the federal government between 2023 and 2033. Source: https://www.forbes.com/sites/marchershberg/2023/10/16/new-rule-requires-broadway-scalpers-to-reveal-sales/
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