Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out.
Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy and Airbnb are now required to send Form 1099-Ks to individuals reporting 2022 gross annual income of as little as $600. That’s $50 a month.
The previous annual reporting threshold was $20,000.
