Quote:
Originally Posted by Exhibitman
It wasn't just lowered. $600 has been the figure business reporting starts at for many years. The initial 1099 expansion was $20K. It has been phased in to eventually match the business threshold.
Don't get me wrong; I would rather they get rid of 1099s altogether. They are a PITA for my bookkeeper every January. They are not a reason to worry if you pay your taxes because all of the questions will flush out in the return.
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It was lowered from $20k to $600 to match businesses. Truth is it should have been raised on the business side up to $20k. Any move made by the IRS on reporting comes with intent. They want more $. Who’s $ is the question IMHO. A lot of $ moves between $600 and $20,000….