While Congress continues to debate The One, Big, Beautiful Bill, one provision has gotten little attention. Generally, taxpayers who sell goods and services will receive a Form 1099-K (Payment Card and Third Party Network Transactions) from platforms they use. A previous law, the American Rescue Plan Act, significantly lowered the threshold that triggers issuance of a 1099-K. Due to implementation delays, the threshold has been lowered in stages, to $5,000 in 2024 and $2,500 for 2025. In 2026 it will be $600, with no minimum number of transactions. If enacted, the bill will raise the threshold to $20,000 on more than 200 separate transactions in a tax period. Will it pass? Stay tuned.
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