The IRS 1099 is Living in the Stone Age

Does anyone else find it odd that IRS 1099 reporting minimum is still $600.... which is the same amount that has been in place since its introduction in 1918?

Since 1918 to 2023, inflation has increased 17 times (1,605%) from the Consumer Price Index (CPI) calculation

The minimum reporting for a 1099 in 2023 more accurately should be $10,200 on your IRS reporting form.

It's almost as if we dumped all that tea in Boston just to get taken advantage of by our own government....

Businesses are typically required to issue a 1099 form to a taxpayer who has received $600 or more in non-employment income during the tax year.

Originally in 1918, Form 1099 was created by the Internal Revenue Service for employers to report salaries paid in excess of $800.

I guess we are all mad here.... Taxation is theft.

References

CPI Inflation Calculator

What is a Form-1099? | Paylocity