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pemanchola
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1099-K Threshold Change

Does anyone know if the new 1099-K Threshold Change affects Upwork?

 

This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms. Currently, a 1099-K is only required when a user receives more than $20,000 in goods and services transactions and more than 200 goods and services transactions in a calendar year. The 1099-K change will take effect January 1, 2022.

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