To crack down on ticket scalping across the country, a new law will tax anyone making more than $600 each year through ticket-selling websites like StubHub and Ticketmaster, according to the Wall Street Journal.
As part of the American Rescue Plan Act, the Internal Revenue Service (IRS) now requires that ticketing companies report these users with a 1099-K form that asks for information on “payment card and third-party network transactions.” The reporting requirement is triggered by sale price and not just the seller’s profit.
The filing of a 1099-K form was previously required…
