Stop The $600 IRS Electronic Payment Transaction Reporting
The American Rescue Plan Act requires online payment platforms and marketplaces, such as PayPal, Venmo, CashApp, eBay and Etsy, to issue a 1099-K for goods and service transactions totaling $600 or more in annual gross sales. 

The IRS has now created a phased implementation of the transaction threshold for this type of reporting:

  • 2024 Threshold: $5000
  • 2025 Threshold: $2500
  • 2026 Threshold: $600


Small business owners across America utilize these payment networks and online marketplaces to sell goods and services. This phased approach doesn't address the looming $600 threshold, but Congress still has an opportunity to restore the original threshold of $20,000 and 200 transactions. Restoring the original threshold on 1099-K forms encourages growth for small businesses and could prevent unnecessary audits. 

Tell Congress to reduce costly and unnecessary government regulations on small business owners. 

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