Due to a Delay in Releasing the Form 1099-K, Reporting Generally Isn't Required Until a Certain Threshold Has Been Met for 2023.

Late last year, the IRS announced a delay in releasing the Form 1099-K, Payment Card and Third Party Network Transactions, $600 reporting threshold for third-party settlement organizations. These include payment apps and online marketplaces. As a result, for 2023, reporting generally isn’t required unless a taxpayer receives more than $20,000 and has more than 200 transactions. The IRS recently issued a fact sheet containing updated and revised FAQs that provide general information for taxpayers and more clarity about which organizations should send Forms 1099-K. Read Fact Sheet 2024-03 https://bit.ly/3SRMfVX and contact us if you have questions regarding Form 1099-K.