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 organizationsRead more about IRS announces 2023 Form 1099-K reporting threshold delay[…]

Congress has passed a bill this week to fund the U.S. government for the 2023 fiscal year that includes provisions known as “Secure 2.0.” The president is expected to sign it soon. Secure 2.0 makes changes to the retirement system that build upon those in the Secure Act of 2019. Notable retirement provisions in theRead more about President to Sign Legislation with New Retirement Provisions[…]

IR-2022-226, December 23, 2022 WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K toRead more about IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K[…]