IRS Sends Reminder About $600 Threshold On Third-Party Payments

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The Internal Revenue Service has sent reminders about the change in policy which requires third-party payment processors like Venmo, Paypal and Ticketmaster to report transactions which exceed $600.  Part of the American Rescue Act passed in March 2021, Americans must now fill out a 1099-K form for any $600 transaction using online platforms.  Critics warn that the policy represents new levels of government overreach which is specifically targeted at small-businesses and middle-class Americans.  Grover Norquist of Americans for Tax Reform’s also warned of many people being audited.