You have no idea how excited I am that the US 1099 regulatory threshold is increasing from $600 this year to $2000 next year

since someone in europe asked me to explain this as a US company if you pay someone $600+ in a year you have to collect tax info from them to file a 1099 form, this happens a lot when operating a company since $600 is not that high. the threshold increases to $2000 next year