I could swear I remember seeing an article several years back that they were lowering that number to $5000.
Maybe it was some legislation that never passed, because I just did a quick internet search and all the link headlines seem to say it’s $10,000 like this one.
It used to be $2500........
The screaming was loud and long and they dropped the idea. Would have doubled or trebled everyones paperwork.
Banks and businesses both got really loud.
We all know they pretty much track it all.
I could swear I remember seeing an article several years back that they were lowering that number to $5000.
= = =
The rule was 10K, but banks wanted to be safe and reported 5K.
It should be a lot more. Anyone making $150K/year being paid monthly would automatically have every paycheck be flagged.
IRS Delays Requiring Users of Venmo And Other Payment Apps To Report Transactions Over $600
App users are currently required to report payments if they’re in the tens of thousands of dollars, and if numerous transactions are completed during the year. A 2021 law called for tightening the rules by having the apps send users what’s called a Form 1099-K for transactions totaling over $600 for payment of goods and services.
But the IRS announced late in 2022 that it would delay the new requirements until the 2024 tax filing season. And now, the tax agency says it will wait until 2025—and ease into the new changes by lowering the reporting threshold from $20,000 to $5,000 during a transitional stage...
The new law will eventually require users to receive Form 1099-K for any payments of goods and services over $600, regardless of the number of transactions. That means more people will receive the forms. - https://www.forbes.com/advisor/taxes/cash-apps-to-report-payments-of-600-or-more/