Tax and financial planning news from around the web: December 5 – 9, 2022

Online secondhand sellers balk at new tax reporting threshold 

A revised portion of the tax code included in President Biden’s American Rescue Plan of 2021 requires sellers to report transactions over third-party networks that exceed $600 — a considerable shift from the previous $20,000 threshold. 

Improperly forgiven PPP loans must be included in income 

An IRS Chief Counsel memo states that income exclusion does not extend to Paycheck Protection Program loan forgiveness for which the recipient is ineligible, such as by misrepresentation or omission.