IRS Announces Delay in 1099-K Reporting

National Tax Advisory Group | Prager Metis | Nov 22, 2023

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.


Top Ten Year-End Tax Planning Checklist

As the year draws to a close, taking proactive steps in your financial planning can significantly impact your tax liability. This checklist provides a guide to key strategies that individuals can consider before the end of the year to potentially decrease their income tax. By strategically managing income, deductions, and investments, you can optimize your tax situation and position yourself for a more tax-efficient financial future.

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