Senators Bill Hagerty and Joe Manchin will propose to raise the tax reporting threshold to $10,000 from $600 for Venmo, Paypal

Senators Bill Hagerty and Joe Manchin will propose to raise the tax reporting threshold to $10,000 from $600 for Venmo, Paypal.

This is for the threshold for Form 1099-K.

Before 2022, taxpayers received 1099-Ks with more than 200 transactions worth an aggregate above $20,000. But the American Rescue Plan Act of 2021 dropped the threshold to just $600. Currently, even a single transaction of more than $600 may trigger the form.