IRS proposes a $5,000 cap for 2023 but delays implementing a new $600 Form 1099-K filing threshold until 2024
The updated $600 Form 1099-K reporting level for third-party settlement organizations will not go into effect until 2023, according to an announcement made by the Internal Revenue Service (IRS). Payment processors, tax experts, and taxpayers all provided input that led to this conclusion. It is to lessen confusion. Only if a taxpayer obtains more than $20,000 … Read more