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Not many news outlets are picking up on one important aspect of the new American Rescue Plan Act that President Biden just signed into law. There is a section of the new law the clarifies the scope of Form 1099-K reporting and more importantly there is a change to the De Minimis Threshold for 1099 reporting. Currently PayPal and other online transaction processors are required to issue a 1099 if the total amount exceeds $20,000 and the aggregate number of transactions exceeds 200. Starting in 2022 you will get a 1099 if your total income exceeds $600 for the year. The new law replaces the current two-step de minimis standard.
Here are some links to articles concerning the changes:
https://www.ecommercebytes.com/C/abblog/blog.pl?/pl/2021/3/1615153514.html
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