The American Rescue Plan of 2021 changed the 1099-K reporting threshold. Under the new law, Credit Card Vendors were required to report transactions paid in 2022 that exceeded a minimum threshold of $600 in aggregate payments, regardless of the number of transactions.
On December 23, 2022, the IRS delayed the implementation of the new $600 reporting threshold. Apparently the IRS determined they could not handle the volume of transactions
What Does This Mean?
For tax year 2022, credit card merchants will probably send a Form 1099-K if the gross amount of aggregate payments exceeds $20,000 and the number of such transactions exceeds 200,
Beginning with tax year 2023, you will receive a Form 1099-K if the gross amount of aggregate payments is $600 or more, regardless of the number of such transactions. That will increase the amount of pain associated with filing taxes.