Part 4/10:
The good news, highlighted in the recent update, is that this problematic $600 reporting rule is effectively being repealed thanks to new legislation passed within the One Big Beautiful Bill (OBB). The bill restores the IRS reporting threshold to its previous standard: $20,000 in gross payments with more than 200 transactions. This means that individuals who receive less than that amount and number of transactions annually will no longer automatically be issued a 1099K form for tax purposes.