IRS Delays Form 1099-K $600 Reporting Threshold

[texhex]

Merry Christmas!

IRS delays Form 1099-K $600 reporting threshold

The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.

www.journalofaccountancy.com

 

[JiveTurkey]

Thank you sweet baby jesus!

 

[texhex]

I wonder what the uptick in “Friends and Family” payments was like on PayPal, etc. this year. I’d love to see the metrics on that. LOL

 

[JiveTurkey]

I wonder what the uptick in “Friends and Family” payments was like on PayPal, etc. this year. I’d love to see the metrics on that. LOL

I bet it was SUBSTANTIAL.

 

[la szum]

I wonder what the uptick in “Friends and Family” payments was like on PayPal, etc. this year. I’d love to see the metrics on that. LOL

If you have a business account with PP they excluded F & F as option this past year.

 

[Bruce]

Now eBay can officially go fuck themselves for my SSN.

 

[jellodog]

I wish this would happen in Canada. I have a bunch of stuff to sell and no way do I want to have to do the paperwork for that. I hate doing accounts enough as it is.

 

[texhex]

Happy Thanksgiving 2023!

IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service

FS-2023-27, Nov. 2023 — 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...

www.irs.gov

 

[ChordInversion]

And now it's been set back to $20,000 in sales or 200 transactions.

 

[holoholo]

Smiles in Gasp