Last week, AICPA sent a letter to Congressional leadership of the Senate Finance Committee and the House Ways and Means Committee to express deep concerns regarding the Form 1099-K, Payment Card and Third Party Network Transactions, reporting threshold that was lowered to $600 for 2022 and will lead to significant confusion in the tax system in the coming months. 

Under section 9674(a) of the American Rescue Plan Act of 2021 (ARPA), the de minimis threshold decreased from $20,000/200 transactions to $600 for any number of transactions, effective for 2022 Forms 1099-K, due to be filed in 2023.

Read a copy of the letter here.