The safe harbor threshold that was $500 was raised to $2,500 by the Internal Revenue Service in Notice 2015-82 on November 24, 2015.
Due to comments received from organizations and taxpayers, the IRS Commissioner said the threshold was reconsidered. The IRS received over 150 letters from businesses and their representatives regarding this matter noting that the $500 threshold was too low.
The new threshold takes effect for the 2016 tax year; however, the IRS will provide audit protection to eligible businesses. This will be done by not challenging the use of the higher threshold on returns before 2016.
This change affects business with no audited financial statements. For business with audited financial statements, the threshold remains unchanged at $5,000.
Information from www.irs.gov/uac/Newsroom