On March 3, 2022, the Internal Revenue Service released Publication 515, Withholding
of Tax on Nonresident Aliens and Foreign Entities, for use in 2022. Changes include the updates to Form 1042-S Income and Chapter 3 Status Codes, a new Limitation on Benefits Code, changes to Forms W-8BEN, BEN-E, ECI, and IMY, changes to Forms 8288 and 8288-A and a new form for reporting under section 1446(f)(4) that is under development! Check out the 2022 Pub. 515 here: https://www.irs.gov
The American Rescue Plan Act of 2021 lowered the threshold for reporting on Form 1099K, Payment Card and Third-Party Network Transactions. This form is used to report payments: From payment card transactions (e.g., debit, credit, or stored-value cards), and/or In settlement of third-party payment network transactions above the minimum reporting thresholds. For returns for calendar years after 2021, payors must report gross payments that exceed $600 and any number of transacti