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IRS Announces 2023 Form 1099-K Reporting Threshold Delay
Source: IRS
Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for tax year 2023 and is planning a threshold of $5,000 for 2024 to phase in the new law.
Third-party payment organizations include many popular payment apps and online marketplaces.
The agency is making 2023 another transition year to implement the new requirements under the American Rescue Plan that changed the Form 1099-K reporting threshold for payments taxpayers get selling goods or providing a service over $600. The previous reporting thresholds will remain in place for 2023.
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Peter Demian is a highly-rated CPA specializing in accounting and tax services for individuals and businesses across 49 states. He offers expertise in tax strategies and assistance with IRS settlements.
