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frankonlinesales · ‎11-28-2023

It is reported that the Irs is going to suspend 1099 reporting until 2026

slippinjimmy · ‎11-28-2023

Not accurate.........

The IRS has announced that for the 2023 tax year the old threshold for a 1099K remain in place ($20,000/200 transactions).

There is talk about a phase in or perhaps permanent change to the thresholds for 2024 and beyond but NOTHING has been passed by Congress so as of today the $600 threshold will be in effect for tax year 2024.

Note that some States already have a $600 threshold and if the Feds do go back to $20,000 individual States are free to set their own thresholds (and many will probably do so).

One other thing that hasn't change AT ALL.

You are obligated to report ALL income regardless if you receive a 1000K or not.

714ricki · ‎11-28-2023

The debate over the threshold is ongoing. Yes, there are delays for the year 2024 & beyond. However, I will still recommend to report your profits.

Good luck!

mtgraves7984 · ‎11-28-2023

The changes will come beginning with 2024 reporting. Who knows what will happen by 2026?

lacemaker3 · ‎11-28-2023

@frankonlinesales wrote:
It is reported that the Irs is going to suspend 1099 reporting until 2026

Absolutely, positively not. And I have not seen a single report online that suggested this.

Where did you come up with that?

@slippinjimmy's reply here gives a good summary of the true situation.

inhawaii · ‎11-28-2023

The rules for "reporting" are still the same.

Nothing has changed.

Smoke From A Distant Fire - Sanford Townsend Band

nuclearomen · ‎11-28-2023

who cares, just report your gross and net as always, done.

The great truth is there isn't one
And it only gets worse since that conclusion...
...There is something about the rigid posture of a proper, authentic blind
As if extended arms reached to pass his blindness onto others.

itsjustasprain · ‎11-28-2023

@frankonlinesales wrote:
It is reported that the Irs is going to suspend 1099 reporting until 2026

@frankonlinesales : Please click the blue Reply button below and give us a link to the report you read.

stainlessenginecovers · ‎11-28-2023

The IRS has NEVER EVER EVER reported doing ANYTHING beyond the year we're in and the year coming up.

Meaning...anything BEYOND 2024 has NEVER been a thing.

splitcat3000 · ‎11-28-2023

News I saw. A New IRS Tax Change for Selling Online Using PayPal, Etsy, More | Kiplinger

"So, what does this mean for you if you sell (and receive payment for) goods and services online?

The 1099-K reporting threshold, initially set at $600 for the 2023 tax year, is now delayed.
For 2023 (the federal income tax returns you’ll file in early 2024), a much higher $20,000/200 transaction 1099-K reporting threshold applies as it did for the 2022 tax year.
The IRS plans to introduce a $5,000 threshold for the 2024 tax year for federal income tax returns usually filed in early 2025.

Note: It’s important to remember that these changes do not modify the tax law regarding income reporting. The IRS expects taxpayers to report all taxable income remains taxable regardless of whether a Form 1099-K is issued."

dbfolks166mt · ‎11-28-2023

People should seriously refrain from posting information that has not been finalized, is incomplete or inaccurate, or has not been ratified into law. The only things that are known for sure for the 2023 tax year are:

1. At the Federal level the current 1099-K issuance threshold is $20,000.00 and 200 transactions

by any single financial service processor for an individual or business.

2. There are 8 states that have lower 1099-K issuance thresholds based on dollar amounts and number

of transactions. Those laws still apply regardless of the Federal requirement.

3. Regardless of whether you receive a 1099-K or not in MOST cases you are required by law to pay

taxes on income.

slippinjimmy · ‎11-28-2023

@dbfolks166mt wrote:
People should seriously refrain from posting information that has not been finalized, is incomplete or inaccurate, or has not been ratified into law. The only things that are known for sure for the 2023 tax year are:

1. At the Federal level the current 1099-K issuance threshold is $20,000.00 and 200 transactions
by any single financial service processor for an individual or business.
2. There are 8 states that have lower 1099-K issuance thresholds based on dollar amounts and number
of transactions. Those laws still apply regardless of the Federal requirement.
3. Regardless of whether you receive a 1099-K or not in MOST cases you are required by law to pay
taxes on income.

3. Regardless of whether you receive a 1099-K or not in MOST cases you are required by law to ~~pay~~

~~taxes on~~ report all income.

Reporting income does not automatically equate to paying taxes.

I would suspect that a large number of the people who start posts about the (evil) 1099K reporting would not be paying ANY additional income tax or at most a relatively small amount if they were reporting honestly. The only explanation for the lack of knowledge about income tax is that have never filed a tax return.

dbfolks166mt · ‎11-28-2023

@dbfolks166mt wrote:
People should seriously refrain from posting information that has not been finalized, is incomplete or inaccurate, or has not been ratified into law. The only things that are known for sure for the 2023 tax year are:

1. At the Federal level the current 1099-K issuance threshold is $20,000.00 and 200 transactions
by any single financial service processor for an individual or business.
2. There are 8 states that have lower 1099-K issuance thresholds based on dollar amounts and number
of transactions. Those laws still apply regardless of the Federal requirement.
3. Regardless of whether you receive a 1099-K or not in MOST cases you are required by law to pay
taxes on income.

3. Regardless of whether you receive a 1099-K or not in MOST cases you are required by law to pay

taxes on report all income.

Reporting income does not automatically equate to paying taxes. Good point and thank you for the correction.

I would suspect that a large number of the people who start posts about the (evil) 1099K reporting would not be paying ANY additional income tax or at most a relatively small amount if they were reporting honestly. The only explanation for the lack of knowledge about income tax is that have never filed a tax return.

Some may also not realize that reporting the 1099 income and factoring in the expenses may also actually result in a loss that would/could offset other tax liabilities. However there are limits to ones ability to do that.