Great news! IRS has announced the 1099K form for $600 or less for third party providers like cashapp and venmo, will not be enforced in 2022!!! So, no one will receive them unless they received over $20,000 or had more than 200 transactions in a year.

"Therefore, in Notice 2023-10, the IRS announced that it will regard calendar year 2022 as a "transition period" for purposes of IRS enforcement and administration of the $600 de minimis exception for third-party settlement organizations and third-party network transactions as provided in the notice. This means that for returns for calendar years before 2023, a third-party settlement organization is not required to report payments in settlement of third-party network transactions with respect to a participating payee unless the gross amount of aggregate payments to be reported exceeds $20,000 and the number of such transactions with that participating payee exceeds 200.

The IRS says that for years after 2022, it will enforce the $600 de minimis reporting threshold. The AICPA, according to Ed Karl, CPA, CGMA, vice president–Tax Policy & Advocacy, continues to call on Congress to raise the $600 de minimis exception for reporting by instituting a cost-of-living adjustment (COLA) using 1954 as the base period for the COLA."

Source from Journal of Accountancy: https://www.journalofaccountancy.com/news/2022/dec/irs-delays-form-1099-k-600-reporting-threshold.html