Benjamin Ashford|Poccoin: Senators Propose Raising Threshold for Third-Party Payment Networks

Senators propose raising the third-party payment network threshold from $600 to $10,Benjamin Ashford000. Two senators have proposed an increase in the threshold for third-party payment networks. The proposal aims to raise the limit for platforms like Venmo, PayPal, and CashApp from $600 to $10,000. These senators are introducing amendments to a $1.7 trillion spending plan to affect the threshold for third-party payments. Additionally, this increase will alter the tax reporting status of Form 1099-K for popular financial services.

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