#383 IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

The American Rescue Plan of 2021 changed the reporting threshold for TPSOs. The new threshold for business transactions is $600 per year; changed from the previous threshold of more than 200 transactions per year, exceeding an aggregate amount of $20,000. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill.https://antharas.co.uk/https://www.paypal.com/paypalme/AVCORPORATELTD?country.x=GB&locale.x=en_GB