- The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments.The IRS on Tuesday shared tips for the upcoming tax season — including a reminder about the new $600 threshold for receiving Form 1099-K for third-party payments.Why there's a push to expand the child tax credit in 2022Here's how to score a charitable tax break on Giving TuesdayAimed at closing the tax gap — a top priority of the Biden administration — the provision is estimated to bring in $8.4 billion from fiscal year 2021 to 2031, according to the Joint Committee on Taxation.The challenge with the new lower threshold amount of $600 for Form 1099-K is that personal payments and reimbursements could be incorrectly reported as taxable transactions.Justin Millernational director of wealth planning at Evercore Wealth ManagementIt's possible you'll receive Form 1099-K for transactions you don't expect, such as reselling Taylor Swift tickets at a profit, for example, warned Justin Miller, national director of wealth planning at Evercore Wealth Management in San Francisco.What happens if you get a 1099-K by mistakeAlthough the change aims to collect taxes on income, not personal transactions, experts say it's possible some filers may receive Form 1099-K by mistake."