Scher Group, PLLC

2024 Scher Group holiday dinner and retirement party for Kelly.

ChatGPT knows me well.

The IRS has announced that the threshold for filing 1099-Ks will not be reduced for 2023 to $600 but instead will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023. In addition, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

1099-K Reporting Threshold Last Minute Change Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.