News & Analysis as of

American Rescue Plan Act of 2021 1099s Threshold Requirements

Allen Barron, Inc.

"Selling Items Online? Is the IRS Watching?"

Allen Barron, Inc. on

Are you selling items online or receiving payment for goods and/or services on platforms such as PayPal, Venmo, eBay, Zelle, Etsy, or Cash App? Online platforms are the preferred method of shopping for most Americans. These...more

Stinson LLP

1099-K Reporting: Is a Day of RecKoning Coming Soon?

Stinson LLP on

In the American Rescue Plan Act of 2021, Congress lowered the minimum reporting threshold from $20,000 to $600 for filing information returns relating to reportable payment transactions that are facilitated by payment...more

Davis Wright Tremaine LLP

Impacts of the American Rescue Plan Act for Businesses Using Peer-to-Peer Payment Platforms

Peer-to-peer (P2P) payment platforms, such as Venmo, PayPal, and Cash App, have become indispensable tools for both businesses and consumers. Businesses that use or accept P2P payments, particularly family businesses, need to...more

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