IRS 1099 K TAX FORMS FOR 2023

[kingofc21]

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.

[kensgiftshop]

That'll make all the tax cheats happy for another year.

Those of us that already report our income, it isn't going to make any difference.

[lukdudle]

so i can commit fraud again this year?

sweet.

[avvid]

Yay!  It's party time!

My 2024 eBay goal:  $4,500 in sales.

[chris90242]

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@avvid wrote:

Yay!  It's party time!

My 2024 eBay goal:  $4,500 in sales.

---

But alot of states have their own threshold.  So you could still get a 1099-k in your state.

[kingofc21]

Forbes website:

https://www.forbes.com/sites/kellyphillipserb/2023/11/21/irs-announces-big-changes-to-form-1099-k-in...

[krazzykats]

The IRS’s Act of $600 Mercy - WSJ

[dbfolks166mt]

@avvid wrote:

Yay!  It's party time!

My 2024 eBay goal:  $4,500 in sales.

But alot of states have their own threshold.  So you could still get a 1099-k in your state.

     That 1099 could also come as a BIG surprise as was the case for Virginia sellers when Virginia changed their reporting/issuance threshold in 2020. Virginia changed the threshold in October of 2020 but made the law retroactive back to 1 January 2020 so a lot of sellers who were focused on the $20K limit they may have been well under got a heck of a shock when they discovered that they would be receiving a 1099 for the $3K in stuff they had sold. 

     I received several starting in 2020 which was no big deal since I was already reporting the income. Ironically all the actual financial processors like PayPal, Venmo and Google Pay picked up the change and I received the 1099's on time and they were accurate. I had to actually contact eBay to get them to issue the 1099 since they had not picked up the change. 

[kingofc21]

IRS website 11/21/2023 

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; pl...

[saver1011]

eBay may still issue the 1099Ks

The IRS also states:

"Taxpayers should be aware that while the reporting threshold remains over $20,000 and 200 transactions for 2023, companies could still issue the form for any amount."

[kingofc21]

EBAY CEO:

https://www.ebayinc.com/stories/news/ebay-ceo-welcomes-irs-1099-k-implementation-delay/

[buyselljack2016]

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@avvid wrote:

Yay!  It's party time!

My 2024 eBay goal:  $4,500 in sales.

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I have a bigger plan but don't know how to make it happen😮

I need to kick this years sales up from $599 to $19,999 by the end of the year 🤔

(no replies needed. this is sarcasm just like the post I am quoting) 🤣🤣🤣

[strugglinlikeyou]

Seems like many want to beat up the impoverished for not paying enough taxes. Really?

[4nov06]

I just want ebay to pick up the irs change for 2023 and to NOT send a 1099k to me unless I exceed the old threshold.  And I won't.  Ebay, are you listening?

[nobody*s_perfect]

eBay had no problem issuing appropriate 1099-K's  last year, when the delay wasn't announced until late December.