[KimC]

I thought it was supposed to go into effect in 2023, but not certain. What I read left me with the impression that the government is trying to capture all the taxable income they can tax people on, so they are requiring the places you do business with (sell things on their sites, etc.) to report to them how much so they can be sure you’re not under-reporting income to them or not reporting income they want to tax you on. Those entities will now be sending you 1099s, and they’ll also be required to notify the IRS how much the 1099s are for so it will then be checked against what you report on your income tax return. I read something (sorry can’t remember where to provide a source) that there is effort to get this amount changed to a higher number, so it seemed like it might still be a little up in the air. Probably best to keep good records and ask your tax preparer/expert or check one of the online tax forums before filing in the spring. Hope this helps.