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American Rescue Plan Act (2021) lowers filing threshold for Form 1099K, Payment Card and Third-Party Network Transactions.

he American Rescue Plan Act of 2021 (“the Act”), enacted in March 2021, dramatically lowers the filing threshold for payments required to be reported on the annual Form 1099-K from $20,000 in aggregate reportable payments and 200 transactions to just $600 in aggregate reportable payments and eliminates the transaction minimum.  This modification is effective for calendar years ending after December 31, 2021. You may see this new requirement on Section 9674 of the federal bill.
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President Joe Biden And House Speaker Nancy Pelosi Of California, Depart After A Meeting With House Democrats On Capitol Hill On Thursday. (Jabin Botsford/Washington Post

What’s in the $1.75 trillion Biden budget plan? Taxes, climate, health care, child care.

The plan includes some of Biden’s earliest policy priorities, including new spending to enhance child care and offer prekindergarten free to all American families. But it also shelved some of Democrats’ most fervent plans, including an effort to provide paid leave to millions of workers — one of many casualties in the party’s efforts to reduce its original $3.5 trillion price tag.
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New Stimulus Check If You Live In This State

Are you Eligible for this New Round of Stimulus Check?

Governor Gavin Newsom signed additional COVID-19 relief legislation this week that will provide $600 stimulus checks to the majority of his state's residents as well as additional payments to dependents, Newsweek reported. At the end of June, the Democratic governor reached an agreement with state lawmakers to approve the direct payments, as well as billions in other economic relief, according to Newsweek. 
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