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While the reporting threshold for Form 1099-MISC had been $600, Form 1099-K required reporting when payments totaled more than $20,000 and more than 200 transactions were settled through a third ...

The version of the Republican megabill passed by the House last month includes a provision that ends an effort to get 1099-K tax forms out to workers or sellers who have earned more than $600 a year.

Federal taxpayers who earn income not subject to withholding may need to make estimated tax payments during the year.

Under updated IRS rules, third-party payment processors must now issue a 1099-K for total transactions exceeding $600 annually - a steep drop from the previous $20,000 threshold.