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.

[monroe67]

"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?"

The OP of this thread very kindly posted the first paragraph of the IRS Fact Sheet, 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."

eBay doesn't have to "pick up the [IRS] change for 2023."

For the purposes of Form 1099-K, eBay is a third-party payment organization.
Third-party payment organizations use Form 1099-K to tell the IRS ("report") how much money they paid to recipients of those third-party payments.

Essentially, this IRS announcement is a directive to those third-party payment organizations.  

The announcement tells all those third-party payment organizations, including eBay, that they are not required to issue 1099-K reports to people/entities that received less than $20,000 from those third-party payment organizations during 2023.

Also, by the way, "4nov06", you and I and all U.S. taxpayers are expected to report all  our income on our 1040 tax return forms.  Whether or not eBay tells the IRS how much they paid us.

[lionspath214]

when will ebay release the 2023 10

99k forms?

[milehighmobilellc]

Hello everyone,

I wanted to see if anyone else is experiencing errors on their 1099-K form like I am.  My 1099-K states that I have 194008 in sales.  I downloaded the 1099-K detail report and opened it in excel and the number is the same for gross sales (not including sales tax), 194008.  When I create a report for orders from Jan 1st 2023 to Dec 31st 2023, my orders total 201808?  When I run a financial report for last year, the number is the same, 201808.  When I open that report in excel, there are about 30 orders more than the 1099-K? I know from past experience that the 1099-K is based on when payments clear eBay so there are some orders from 2022 that need to be added because they were not funded until Jan 2023.  After adding in those transactions, my orders jump up to 203,208? This is almost a 10,000 difference from what is reported to the IRS?  I called eBay and finally got a person on the phone who specializes in taxes and he told be to consult my tax professional?!  I said, she is not going to know why eBay numbers are different when you run the same report.  Luckily, the number reported is lower so I will go with my numbers but what if it was higher? Has anyone else experienced this issue?  Thank you for your time,

Mark