The IRS on Tuesday shared recommendations for the impending tax period — which include a reminder about the new $600 threshold for receiving Kind 1099-K for third-occasion payments. The improve applies to payments from third-occasion networks, such as Venmo or PayPal, for transactions these as component-time operate, facet employment or offering merchandise, in accordance to the IRS. Prior to 2022, the federal Kind 1099-K reporting threshold was for taxpayers with much more than 200 transactions well worth an combination higher than $20,000. Nevertheless, Congress slashed the limit as section of the American Rescue Program Act of 2021, and a one transaction in excess of $600 could now cause the variety.…