Sen. Bill Hagerty, R-Tenn., will file an amendment to the $1.7 trillion spending package, to increase the threshold for Form 1099-K, according to Sen. Joe Manchin, D-W.Va., the proposal’s lead co-sponsor. The tax reporting threshold applies to transfers using third-party payment networks including Venmo and PayPal
Manchin told CNBC the amendment would increase the payment threshold to $10,000 from $600 for the 2022 tax season.
“This is the best relief we can get for people,” Manchin said, referencing the $10,000 threshold as “the best way to approach it.”
Let's hope this passes. We need this draconian rule seriously relaxed. It is ridiculous that we ordinary people have to account for $600 while SBF doesn't know where $8 billion went.
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