Is there anything the Swifties can’t do? Taylor Swift’s beloved superfans’ disdain for Ticketmaster might have been the push behind a new tax law. After the ticketing platform flubbed Swift’s The Eras Tour pre-sale, the singer’s supporters deemed the company public enemy number one. Second on their list are resellers looking to cash in on the public’s love for Swift.
According to the Wall Street Journal, President Joe Biden, the United States Senate, and Congress have taken aim at Ticketmaster, siccing the on resellers with a new tax law. According to the Wall Street Journal, the agency has unveiled a new law set to go into effect for the 2022 tax year, in which e-distributors, such as Ticketmaster and StubHub, will be required to provide the agency with information on people who sold more than $600 worth of tickets. The sellers will be held responsible for the taxes of that transaction. This law applies to the ticket’s sale price, not the seller’s profit.
In the past, the threshold was more than $20,000 in revenue and over 200 transactions. WSJ revealed that IRS commissioner Danny Werfel said they have not announced any future plans to give an additional reprieve. The 1099-K form for the 2023 tax year will be available soon.