Restore the old threshold for Form 1099-K?

That’s what the Saving Gig Economy Taxpayers Act (H.R. 1882) would do. Form 1099-K is used by third-party merchant providers, such as PayPal, to report transactions to the IRS. The threshold for 2024 transactions reported in 2025 is $5,000. The threshold for 2025 transactions reported in 2026 is $2,500, but it’s set to drop to $600 for 2026 transactions. The proposed bill would restore the old threshold of $20,000 and 200 transactions. The change is meant to help gig economy workers and small e-commerce sellers. #IdeaoftheDay