Source: The Daily Economy
by Mike Viola
“Since the passage of the One Big Beautiful Bill in early July, Democrats have devoted their summer to campaigning against the bill’s cuts to various social programs. … Amid all the panic, there are indeed some major legitimate criticisms of the bill. … But there is one obscure provision that is an unambiguous win for all Americans: the restoration of the 1099-K threshold for third-party settlement organizations (TPSOs). This threshold was reduced to $600 in total transactions per year under Biden’s American Rescue Plan, and would have impacted peer-to-peer platforms like PayPal, Venmo, and the Cash App; intermediaries that small businesses rely on like Stripe, Square, and Shopify; and even apps that facilitate side gigs like Airbnb, Uber, and Lyft. … The One Big Beautiful Bill ends that, returning the threshold to $20,000 across at least 200 transactions, as was the case prior to the Biden bill.” (08/11/25)