People, who sell meteorites, need to remember there is a new $600 threshold for reporting on IRS Form 1099-K for third-party payments.
IRS warns taxpayers about new $600 threshold for third-party payment reporting.
Kate Dore, CFP®, CNBC
https://www.cnbc.com/2022/11/23/heres-why-you-may-get-form-1099-k-for-third-party-payments-in-2022.html
There is a bill in Congress that would change it to 5,000 dollars.
S.3840 - Cut Red Tape for Online Sales Act
https://www.congress.gov/bill/117th-congress/senate-bill/3840
“This bill modifies requirements for third party settlement organizations to eliminate their reporting requirement with respect to the transactions of their participating payees unless they have earned $5,000 or more. A third party settlement organization is the central organization that has the contractual obligation to make payments to participating payees (generally, a merchant or business) in a third party payment network.”
Yours,
Paul H.
