Meteorite List Archives for [meteorite-list] Warning to Sellers: New $600 threshold for third-party payment reporting.

People, who sell meteorites, need to remember there is a new
$600 threshold for reporting on Form 1099-K for third-party
payments.

IRS warns taxpayers about new $600 threshold for third-party payment 
reporting
Kate Dore, CFP?, CNBC
https://www.cnbc.com/2022/11/23/heres-why-you-may-get-form-1099-k-for-third-party-payments-in-2022.html

There is a bill in Congress that would change it to 5,000 dollars.

S.3840 - Cut Red Tape for Online Sales Act
https://www.congress.gov/bill/117th-congress/senate-bill/3840

?This bill modifies requirements for third party settlement
organizations to eliminate their reporting requirement with respect
to the transactions of their participating payees unless they have
earned $5,000 or more. A third party settlement organization is the
central organization that has the contractual obligation to make
payments to participating payees (generally, a merchant or business)
in a third party payment network.?

Yours,

Paul H.