House GOP Tax Package: The Kickoff for Congressional Bargaining?
Tax Notes Talk
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The Politics Behind the Form 1099K Reporting Threshold
The Form 1099K reporting threshold was first introduced in the 2000s. It required third party payment platforms, PayPal, Venmo, eBay, and others to report transactions if the cumulative transactions exceeded $20,000 and 200 transactions for a year. In 2021, Congress lowered that threshold, $20,00 and 200 transactions, to just $600,. And that matched what we do with other forms, like the 1099, MISC and NEC and your W2s. My $600 is the standard threshold for reporting.
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