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That threshold has not always been there. Used to be 20k, but they had to lower it to catch the billionaires. https://www.wolterskluwer.com/en/expert-insights
by notch898a 3y ago
That threshold has not always been there. Used to be 20k, but they had to lower it to catch the billionaires.
https://www.wolterskluwer.com/en/expert-insights/irs-delays-implementing-the-1099-k-600-reporting-threshold-until-2023-to-the-relief-of-tax-pros https://www.wolterskluwer.com/en/expert-insights/irs-delays-...
- lilsoso 3y agoDoes this cover most payments over $600? They're now mostly all recorded? I don't understand the exceptions. So it applies to digital payment methods like Paypal, to payment networks like Western Union, but also to any credit card transaction over $600? edit: I think I was thinking of the payments in the wrong direction. The 1099-K applies primarily to the receiving party?