The IRS is delaying fully implementing the lowered 1099-K reporting threshold until 2024. IRS released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for 2023. This notice provides a further transition period for the requirement placed on third-party payors by the American Rescue Plan Act (ARP) of 2021. But remember, reporting thresholds don’t impact your tax obligations. Read Brittany Besler’s latest insight, “IRS Announces Delay in 1099-K Reporting,” to learn more and how we can help you.
