Washington DC - If you happened to sell any tickets to Taylor Swift's The Eras Tour or Beyoncé's Renaissance World Tour, a new law could make you pay big bucks to the IRS.

Shake it off Swifties, the IRS is coming!

A brand-new law that went into effect requires online marketplaces like StubHub and Ticketmaster to report any reseller who makes more than $600 in a year to the tax watchdog, according to Business Insider.

This basically means that the IRS will now be able to track down ticket resellers and make sure they are paying taxes on their huge profits.

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The previous threshold for reporting ticket sales to the IRS was much higher: $20,000 in revenue and 200 transactions.

But the new law, which was passed as part of President Joe Biden's American Rescue Plan Act, lowers the threshold to make it harder for people to avoid paying taxes on their ticket resale income.

Taylor Swift ticket sales have caused the most drama recently with overpriced tickets, site crashes, and obstructed seats that die-hard Swifties didn't appreciate.

Could making resellers pay up be a good solution to combat the issues?

New policies in place, like the IRS requiring ticketing platforms to report sales over $600 and Ticketmaster's new policy of not allowing ticket holders to access their tickets until 72 hours prior to show day, are giving fans hope. Especially as the price tag continues to climb sky-high thanks to scalpers and resellers.

The average price of a resale ticket for Taylor Swift's North American leg of The Eras Tour was $3,801, per Business Insider.

Many hope the new changes will mean the ticket transfers and buying process will be more secure and fair in the future.

As one X user wrote, "Taylor improving everything," referring to the 33-year-old's ability to influence change in the music world and beyond.