Senators propose raising the third-party payment network threshold from $600 to $10,000

Two senators have proposed raising the threshold for third-party payment networks. The proposal would raise the threshold from $600 to $10,000 for platforms like Venmo, PayPal and CashApp.

The two senators are proposing amendments to the $1.7 trillion spending plan to affect the threshold for third-party payments. In addition, this increase would change the tax reporting status of Form 1099-K from popular financial services.

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