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1099 K STATE REPORTING REQUIREMENTS


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Copied from CPA Practice Advisor:

Differences between tax reporting at the federal and state levels

Over the last few years, a number of states introduced legislation to align Form 1099-K reporting with Form 1099-NEC in their states and require TPSOs to report Form 1099-K at the $600 threshold and with no transaction limit.

For example, in 2017, Vermont introduced a bill to eliminate the 200-transaction limit and reduced the reporting threshold to $600. The state also aligned laws related to information reporting penalties for failure to file with these new rules.

Similarly, Pennsylvania introduced a proposed reporting requirement that would reduce the 1099-K reportable threshold to $5,000 and eliminate the transaction rule. At the eleventh-hour in December 2018, the District of Columbia changed the reporting instructions to include Form 1099-K at the $600 threshold and no transaction limits. Last year, Illinois passed legislation that moved its threshold to $1,000 and just four transactions per year. And in 2020, Virginia and Maryland have both adopted $600 reporting thresholds with no transaction limits for Form 1099-K reporting in those states.

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