Lawmakers from both parties are seeking changes to a pending tax rule change. The rule would require third-party companies to send 1099-K forms to taxpayers who earn more than $600 in revenue from part-time work or selling goods. In a provision from the American Rescue Plan to force more wealthy taxpayers to pay their fair share, the minimum dollar amount threshold of transactions that would trigger the form would drop from the current $20,000 threshold to $600. Legislation is already being proposed to deal with the change, but it varies by party. A Democrat proposal would increase the dollar amount threshold to a $5,000 minimum while a Republican proposal would keep it at $20,000. But, with time running out on the lame-duck session, it seems unlikely any new legislation will be passed by year’s end.  

Source: Bloomberg Law