Typhoon
New tax law reverts back to before Dems stuck their noses into our wallets...........
For many years, those payment platforms only had to issue 1099-K forms to the IRS if a person had conducted more than 200 transactions in the tax year and those transactions combined exceeded $20,000.
But lawmakers under the American Rescue Plan Act had lowered that dollar-threshold to $600 and eliminated the number-of-transactions rule altogether — a change that was supposed to take effect in 2021. It was postponed, however, for a few years and then only partially implemented for tax years 2024 and 2025, when payment apps only had to report a person’s business transactions if they were more than $5,000 in 2024 and more than $2,500 this year.
Well, forget about all that. The new tax law repeals that revision and reinstates the 200 transactions/$20,000 threshold rule.
And an FYI for those that do not know/realize it.....Venmo is PayPal!!
