Arshi Siddiqui Quoted by POLITICO on New Tax Law
Contact:
POLITICO has quoted Akin lobbying & public policy partner Arshi Siddiqui in the article “Still working the halls on 1099-K,” which discusses the new tax law that would lower the income tax reporting threshold on digital transactions from $20,000 to $600.
According to the article, the Internal Revenue Service might not delay the new 1099-K reporting requirements again, despite granting a one-year reprieve in 2022. Arshi, who is leading the firm’s representation of The Coalition for 1099-K Fairness, said, “Lightning won’t strike twice.” The Coalition, which was formed in response to the American Rescue Plan Act, includes companies such as Airbnb, eBay, PayPal, and StubHub.
Although the proposal to raise the 1099-K threshold had bipartisan support last year, the article notes, its passage was hindered due to the absence of a year-end tax package. Potential solutions are a year-end tax agreement or reauthorization of federal aviation programs. According to Arshi, the coalition is “laser-focused on the first viable tax vehicle that moves,” but recognizes that the debt ceiling issue must be addressed.
