Fight over Form 1099-K continues in the US Senate
This form is issued to all those who use payment systems such as PayPal, Square, etc. Beginning in calendar year 2022, the form will be issued to all those who had transactions exceeding $600. Until 2022, the form was issued only after reaching $20,000 in sales or 200 transactions. Many accountants warn that the new rules will lead to a disaster with filing returns, since they do not take into account that many are simply selling their unwanted old things.
Congress will be debating a change in 2022 that will issue the form once $10,000 has been reached.
Author Elina Linderman
