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Internal Revenue Code (IRC) Threshold Requirements Tax Liability

Stinson LLP

1099-K Reporting: More Time to Transition to the $600 Reporting Threshold

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In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more

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1099-K Reporting: Is a Day of RecKoning Coming Soon?

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In the American Rescue Plan Act of 2021, Congress lowered the minimum reporting threshold from $20,000 to $600 for filing information returns relating to reportable payment transactions that are facilitated by payment...more

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