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Here is the response from Casey in PA...He's Dem, IIRC. I bolded a section that may be a bit of a reprieve, but I'll be surprised if it happens...

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Thank you for taking the time to contact me about recent changes to reporting requirements for Third-Party Settlement Organizations (TPSOs). I appreciate hearing from you about this issue.

I proudly supported the American Rescue Plan Act, Public Law Number 117-2, which included significant expansions of tax cuts that supported workers, families and children. This legislation dramatically expanded the Child Tax Credit, the Child and Dependent Care Tax Credit and the Earned Income Tax Credit. I believe that these investments have been essential to our efforts to help millions of families weather the pandemic, and keep our economy and small businesses afloat.

As you've noted, section 9674 of the American Rescue Plan adjusted reporting requirements for third-party payment networks and de minimis reporting thresholds for TPSOs. Section 9674 lowered the reporting threshold from $20,000 to $600 annually and eliminated the threshold requiring the number of annual transactions to exceed 200. Under these new thresholds, contractors for app-based companies, like Uber and Lyft, or those who sell goods on marketplaces, like Etsy and eBay, will receive a Form 1099-K for any income they received via credit card or third-party payment services, which they can use when doing their taxes at the end of the year.

These changes were made to simplify reporting requirements, improve tax compliance and make it easier and simpler for everyday taxpayers to do their taxes. Today, filing taxes can be difficult for self-employed individuals because the large businesses or apps that they utilize do not provide them information on total payments and tax liabilities at the end of the year. This can make record-keeping for individual self-employed people very complex and time-consuming, and can expose them to costly and time-consuming audits if records are not kept correctly. The Internal Revenue Service (IRS) estimates that when third parties do not provide information to the IRS, 63 percent of income is misreported. To give individuals more information about their own finances, many states have begun requiring third-parties to provide information reports after transactions exceed $600. This law brings the entire United States to a similar standard.

As a transitional measure, the Build Back Better Act, which Congress is currently considering, reimposes the 200-transaction threshold for 2022. This is meant to acknowledge that some third-party payers will need time to adjust as these new rules are applied to the nation as a whole. While the details of the bill have not yet been finalized, please be assured that I will keep your thoughts in mind as I consider any further changes to reporting requirements for TSPOs.

As a member of the Senate Finance Committee, I will continue to fight for a tax code that is fair and equitable for all Pennsylvanians and all Americans. I am committed to modernizing our tax code so that it keeps pace with new technologies and emerging markets, leaving no opportunities for exploitation of the working class and making sure that the wealthy and large corporations pay their fair share.

Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me in the future about this or any other matter of importance to you.

For more information on this or other issues, I encourage you to visit my website, https://casey.senate.gov. I hope you will find this online office a comprehensive resource to stay up-to-date on my work in Washington, request assistance from my office or share with me your thoughts on the issues that matter most to you and to Pennsylvania.

Sincerely,
Bob Casey
United States Senator
I don’t feel any better yet! Did I miss the reprieve? It would be great if they just reimplemented the 200 transactions but even if, it says for 2022, not permanently. So far I have sold about 12 items this year and offered to every buyer their choice of FF for a lower price or GS for security and only one chose GS. In the end I see this as a way to thin out bad sellers, forces all sellers to be honest cause if you rip your reputation gets ripped apart forever, and it makes me as a seller even more conscious to disclose Everything!!! As a buyer… I am doing FF to reputable sellers and GS if I don’t know your ass! So point is… the new law makes us be smarter and more honest and rids the scammers to the curb to scam the stupids who are scam able! I heard the argument that even the best can go bad but that’s just life… those kind we’re doing it before the law and will do it after. It’s always a danger no matter what.
 
Here is the response from Casey in PA...He's Dem, IIRC. I bolded a section that may be a bit of a reprieve, but I'll be surprised if it happens...

--------------------------------------------------------------------------------------------------------
Thank you for taking the time to contact me about recent changes to reporting requirements for Third-Party Settlement Organizations (TPSOs). I appreciate hearing from you about this issue.

I proudly supported the American Rescue Plan Act, Public Law Number 117-2, which included significant expansions of tax cuts that supported workers, families and children. This legislation dramatically expanded the Child Tax Credit, the Child and Dependent Care Tax Credit and the Earned Income Tax Credit. I believe that these investments have been essential to our efforts to help millions of families weather the pandemic, and keep our economy and small businesses afloat.

As you've noted, section 9674 of the American Rescue Plan adjusted reporting requirements for third-party payment networks and de minimis reporting thresholds for TPSOs. Section 9674 lowered the reporting threshold from $20,000 to $600 annually and eliminated the threshold requiring the number of annual transactions to exceed 200. Under these new thresholds, contractors for app-based companies, like Uber and Lyft, or those who sell goods on marketplaces, like Etsy and eBay, will receive a Form 1099-K for any income they received via credit card or third-party payment services, which they can use when doing their taxes at the end of the year.

These changes were made to simplify reporting requirements, improve tax compliance and make it easier and simpler for everyday taxpayers to do their taxes. Today, filing taxes can be difficult for self-employed individuals because the large businesses or apps that they utilize do not provide them information on total payments and tax liabilities at the end of the year. This can make record-keeping for individual self-employed people very complex and time-consuming, and can expose them to costly and time-consuming audits if records are not kept correctly. The Internal Revenue Service (IRS) estimates that when third parties do not provide information to the IRS, 63 percent of income is misreported. To give individuals more information about their own finances, many states have begun requiring third-parties to provide information reports after transactions exceed $600. This law brings the entire United States to a similar standard.

As a transitional measure, the Build Back Better Act, which Congress is currently considering, reimposes the 200-transaction threshold for 2022. This is meant to acknowledge that some third-party payers will need time to adjust as these new rules are applied to the nation as a whole. While the details of the bill have not yet been finalized, please be assured that I will keep your thoughts in mind as I consider any further changes to reporting requirements for TSPOs.

As a member of the Senate Finance Committee, I will continue to fight for a tax code that is fair and equitable for all Pennsylvanians and all Americans. I am committed to modernizing our tax code so that it keeps pace with new technologies and emerging markets, leaving no opportunities for exploitation of the working class and making sure that the wealthy and large corporations pay their fair share.

Again, thank you for sharing your thoughts with me. Please do not hesitate to contact me in the future about this or any other matter of importance to you.

For more information on this or other issues, I encourage you to visit my website, https://casey.senate.gov. I hope you will find this online office a comprehensive resource to stay up-to-date on my work in Washington, request assistance from my office or share with me your thoughts on the issues that matter most to you and to Pennsylvania.

Sincerely,
Bob Casey
United States Senator

I got the exact same response…. To the letter
 
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