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Upcoming Change to Federal 1099-Ks

July 08, 2021

Reduction to Reporting Threshold

The American Rescue Plan Act lowered the threshold for filing a 1099-K from $20,000 (over at least 200 transactions) to $600 for sellers on platforms such as Etsy and eBay. The new requirement has no minimum transaction level. The change takes effect in 2022.

Resource: June 10, 2021, Vermont Department of Taxes, News for Tax Professionals E-Newsletter. Originally sourced from: March 29, 2021, TaxExpress newsletter, a publication of the Federation of Tax Administrators)