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angelikkin8 · ‎11-21-2023

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 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.

calvinandhobbes43 · ‎11-21-2023

If the the previous reporting thresholds remain in place for 2023 at $600.00, this whole article makes NO sense at all! They state they are not implementing the Previous $600.00 reporting for 2023. Which is it??!? it can't be both.

kingofc21 · ‎11-21-2023

Straight from the IRS website:

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-part...

kensgiftshop · ‎11-21-2023

That has nothing to do with sellers reporting their income.

Have a great day

chris90242 · ‎11-21-2023

@kingofc21 wrote:

Straight from the IRS website:
https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-part...

Funny how the IRS can change a law that was passed by Congress and signed by the President. Yet they are still telling everyone, all income is reportable. If that's true, stop raising the threshold. LOL!

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