The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency.
The rule does not apply to noncommercial payments like reimbursing someone for food or rent or other one-off transactions such as selling an old piece of furniture, according to accountants.
When Congress passed the American Rescue Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600. The proposal was offered as a way to help pay for a $3.5 trillion social spending bill that would invest in climate programs, child care and education.that filers must include any sum that is reported on Form 1099-K as part of their business income.
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