IRS warns taxpayers about new $600 threshold for third-party payment reporting

Posted byVeterans Support SyndicatePosted inBusiness, Military, VeteransTags:, , ,

IRS warns taxpayers about new $600 threshold for third-party payment reporting

The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods, according to the IRS.

Before 2022, the federal Form 1099-K reporting threshold was for taxpayers with more than 200 transactions worth an aggregate above $20,000. However, Congress slashed the limit as part of the American Rescue Plan Act of 2021, and a single transaction over $600 may now trigger the form.

Source: veteran-owned

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Published by Veterans Support Syndicate

Veterans Support Syndicate is a partner-centric organization that unites with diverse networks to elevate the quality of life for U.S. veterans nationwide. Leveraging deep collaborative efforts, they drive impact through Zen Force, a holistic virtual team providing mental health advocacy and resources. They also champion economic independence via VetBiz Resources, supporting veteran entrepreneurs through launch and growth. Together, they ensure those who served receive the support they deserve.

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