Charleston, WV (WOAY) – Senator Shelley Moore Capito (R-WV) introduced an amendment to the Fiscal Year 2023 omnibus package to delay the implementation of tax legislation included in the American Rescue Plan.
The legislation would lower the threshold for Americans to receive a 1099-K form from the Internal Revenue Service (IRS) for one year.
Before the American Rescue Plan, 1099-K forms were issued by the IRS to taxpayers who exceeded 200 transactions totaling $20,000 in a tax year.
The American Rescue Plan drastically changed the reporting requirements.
Now any electronic payments and transactions from online platforms, apps, or payment card processors equal to $600 will qualify for the 1099-K requirement.