Currently, third-party networks that process payments—banks, PayPal, and the like—must provide Form 1099-K to merchants with more than 200 transactions that totaled more than $20,000. Under the American Rescue Plan Act of 2021, the threshold drops to $600 in 2022 and beyond. This aligns the threshold with the one used for payments to independent contractors receiving Form 1099-NEC. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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