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Form 1099: Potential Threshold Adjustments

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As the gig and sharing economies develop, filing requirements do, too. In the coming years, we expect to see threshold changes for 1099 reporting. In fact, there are a couple threshold adjustment proposals in the mix right now. The proposed changes will not take affect this tax season, but are items that we're keeping an eye on.

1099-MISC and 1099-K: What are the differences?
Form 1099-MISC reports miscellaneous income. This income could be anything from services performed, to rents, to payments to an attorney. See the full list of eligible income items here.
Form 1099-K reports payment card and third party network transactions. Form 1099-K is for payments made with a credit card or through a third party sharing economy app, such as Uber.

1099-MISC and 1099-K: What are the current thresholds? 
Form 1099-MISC: The current threshold for Box 7 amounts is $600. The form should also be filed if at least $10 in royalties or broker payments were issued instead of dividends or tax-exempt i…