IRS announces 1099-K Phase in…
IRS announces delay in Form 1099-K reporting threshold for third-party platform payments for 2023; plans for a threshold of $5,000 in 2024 to phase in implementation
It may not be a Christmas Miracle but this Implementation delay is something we can all share in Thanksgiving!
There has been a certain underlying anxiety in the tax space related to this reporting threshold.
We sent out a lengthy 1099-K guide a couple weeks ago … Much, if not all of which is now irrelevant.