IRS May Have Let $29B Peer-To-Peer Payments Go Unreported

Law360 (April 26, 2021, 6:57 PM EDT) -- Nearly 170,000 taxpayers possibly didn't report up to $29 billion of peer-to-peer payments that they received despite getting information returns for the transactions, according to a watchdog report released Monday. 

The taxpayers received Forms 1099-K for the payments, according to data from three peer-to-peer payment applications, but they never filed a tax return and therefore the payments were never reported to the government, according to the report from the Treasury Inspector General for Tax Administration.

Limited reporting requirements pose problems for the agency in identifying unreported business income facilitated by peer-to-peer payment applications, but the agency didn't always take action against nonfilers...

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