November 24, 2025, 9:00 AM
2026 Tax News, One Big Beautiful Bill Act
The IRS requires certain payments by businesses to be reported on Forms 1099-NEC and 1099-MISC, Currently the annual reporting threshold amount is $600 for each payee. For payments paid after 2025, the threshold increases to $2,000 and will be adjusted for inflation after 2026.
For payments from card processors and money transfer apps you may receive a Form 1099-K. There has been some concern because the reporting threshold for these forms was proposed to be lowered. The OBBBA sets the thresholds back to $20,000 and 200 transactions.
