Hagerty, Manchin propose $10,000 threshold for Venmo, PayPal tax reporting change — up from $600

https://www.cnbc.com/2022/12/20/hagerty-manchin-propose-10000-threshold-for-venmo-paypal-tax-reporting-change-up-from-600.html

Sen. Bill Hagerty, R-Tenn., will file an amendment to the $1.7 trillion spending package, to increase the threshold for Form 1099-K, according to Sen. Joe Manchin, D-W.Va., the proposal’s lead co-sponsor. The tax reporting threshold applies to transfers using third-party payment networks including Venmo and PayPal

Manchin told CNBC the amendment would increase the payment threshold to $10,000 from $600 for the 2022 tax season.

“This is the best relief we can get for people,” Manchin said, referencing the $10,000 threshold as “the best way to approach it.”

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Let's hope this passes. We need this draconian rule seriously relaxed. It is ridiculous that we ordinary people have to account for $600 while SBF doesn't know where $8 billion went.