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Internal Revenue Service Announcement for 1099-K Forms

Posted on January 24, 2023 in IRS,tax planning,taxes

The Internal Revenue Service has announce that they will delay the implementation of the requirement to issue 1099-K forms from third party payment platforms for transactions of $600 or more. The American Rescue plan required these forms be issued for the 2022 tax year. The reporting requirement is now in effect for 2023. This allows both issuers and the recipients of these forms to better understand them. The original reporting requirements remain in effect for one more year (2022). Please feel free to contact our firm if you have further questions.