‘Taylor Tax:’ IRS targets Taylor Swift fans over ticket sales, Florida CFO says

Sellers who make over $600 could be audited by IRS

ARLINGTON, TEXAS - MARCH 31: EDITORIAL USE ONLY Taylor Swift performs onstage during the "Taylor Swift | The Eras Tour" at AT&T Stadium on March 31, 2023 in Arlington, Texas. (Photo by Omar Vega/TAS23/Getty Images for TAS Rights Management ) (Omar Vega, 2023 TASRM and Getty Images)

DORAL, Fla. – Florida Chief Financial Officer Jimmy Patronis announced he is pushing back against the IRS over reports that the agency is targeting Taylor Swift fans over ticket sales.

In a release, Patronis said he hosted an IRS Roundtable in Doral on Wednesday, where he criticized the IRS after hearing the reports.

According to Patronis, fans who sold tickets for over $600 could be audited by the IRS if they don’t report any of the profits.

“Just when you thought Washington couldn’t further intrude into the lives of Americans more, the deep state has found yet another way to screw over honest, hard-working taxpayers by digging deeper into your wallets,” Patronis said. “The Biden administration’s new ‘Taylor Tax’ on Taylor Swift fans who choose to resell their tickets are now at risk of being audited by the IRS.”

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The $600 limit was a result of the American Rescue Plan signed into law in 2021, which requires “third-party settlement organizations” — platforms like Facebook Marketplace, eBay, PayPal and Venmo — to report business transactions of at least $600 per calendar year. Prior to the law, that threshold was $20,000.

That means people who use those platforms to sell goods or services will receive a 1099-K form if they pass that limit and will be required to report it on their taxes.

“I’m sorry, but I don’t think that’s the federal government’s job, and I sure don’t want Uncle Sam knocking on my door. Taylor Swift is her own economic development engine and has done more good for the economy than Biden ever will,” Patronis said. “In this economy, people do everything they can to afford record-high inflation. If for some unforeseen circumstance occurs and you have to resell your concert tickets, you should be able to do so without any repercussions.”

Patronis also urged users to report any cases of suspected IRS discrimination to the state using the Florida IRS Transparency Portal. To do so, click here.

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About the Author:

Anthony, a graduate of the University of Florida, joined ClickOrlando.com in April 2022.