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Form 1099-K Snapshot

Dec 02, 2024 · 1 min read

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Background

The American Rescue Plan Act of 2021 (ARPA), P.L. 117-2, enacted on March 11, 2021, lowered the de minimis dollar threshold from $20,000 to $600 with no transactional threshold (as opposed to more than 200 transactions) for information reporting on third-party network transactions.

The $600 filing threshold is now scheduled to be implemented for tax year 2026 (for Forms 1099-K to be filed in 2027). The IRS is planning a threshold of $5,000 for the tax year 2024 (for

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