I did. There's nothing to suggest they plan on lowering it to $600.Try the IRS.
They do say that PP *can* issue the 1099s for lower amounts if they chose but that's likely always been true.
I did. There's nothing to suggest they plan on lowering it to $600.Try the IRS.
There are states that made the change to $600 a few years ago - it was a hot topic for a while because after people started complaining it was found to be the plan. It was schedule to go nationwide, but got delayed a couple times.Is this something you know? If so, got a link?
Someone else referenced the state thing (maybe it was you, I don't recall). Funny enough, I haven't seen it in either state I've lived in and they're in the top 5 (maybe 3) highest tax states in the country.There are states that made the change to $600 a few years ago - it was a hot topic for a while because after people started complaining it was found to be the plan. It was schedule to go nationwide, but got delayed a couple times.
For all the people saying that is the main reason, you're delusional. There had been a steady increase in the F&F movement for years before the 1099 thing came to light. Yes - the tax implication pulled most of the remaining G&S people over to the dark side...but they were already a minority.
For reference, in 2019 I became more blunt in my posted terms: If you are one of those sellers that lists separate prices for Friends/Family vs Goods, or insists upon F/F, please don't bother to contact me. I don't buy from you, I'm not going to sell to you, either
(prior to that, it asked the net to me and add __% people to honor their own terms & told the F&F people they were out of luck because I didn't accept that payment method. The rule disallowing net to me and add __% precipitated the change)