The American Rescue Plan required taxpayers add to their 1099-K 'gross payments for goods or services that exceed $600'. New reporting requirement will take effect in January . The IRS posted an explainer Tuesday reminding taxpayers the reporting threshold for 1099-K forms would be lowered from $20,000 to $600. The number of transactions that trigger receiving a form will also be lowered from 200 to 1.
The full article is here - it's scary:
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