No more 20K and 200 transactions threshold for IL and VA?
I received this email from Paypal:
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PayPal is required to issue Forms 1099-K only to persons or entities subject to US tax when they meet the required tax reporting thresholds. Recently, Illinois (IL) and Virginia (VA) have implemented Form 1099-K reporting requirements that are different from federal tax reporting requirements. These different reporting requirements mandate that PayPal report on account holders who receive payments for goods and services of 1000.00 USD and 3 transactions for Illinois, and for those customers that receive 600.0 USD worth of goods and services payments for Virginia.
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According to this, the stealth accounts from IL and VA are now above the limit which is no longer 20K and 200 transactions.
Any thoughts on this?
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