![]() On Decemthe IRS announced a delay in the lower reporting thresholds for third-party settlement organizations for tax year 2022 (taxes filed in 2023).The American Rescue Plan of 2021 changed third party payment processors reporting requirements to payments processed exceeding $600, which is down considerably from the original more than 200 transactions per year and exceeding an aggregate amount of $20,000 reporting requirement.Self-Employed may receive Form 1099-K from third party providers like PayPal or Venmo for payments processed.If you're an online seller selling on platforms like Ebay, AirBnB, Etsy, and VRBO you may also receive Form.This includes creators, influencers, rideshare drivers, or If you're self-employed and accept credit, debit, or prepaid cards, you may receive Form 1099-K for transactions processed by a third party.Per the IRS, this means that for tax year 2023 the existing 1099-K reporting threshold of the aggregate of more than $20,000 in payments from over 200 transactions will remain in effect. ![]() ![]() As a result of this delay the TPSOs will not be required to report tax year 2023 transactions on a Form 1099-K to the IRS or the payee for the lower, over $600 threshold. On NovemIRS announced another delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for tax year 2023( the taxes you file in 2024).As a result of this delay, well-known third party settlement organizations (TPSOs) were not required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, more than $600 threshold amount enacted as part of the American Rescue Plan of 2021. On Decemthe IRS announced a delay in reporting thresholds for third-party settlement organizations for tax year 2022 (taxes filed in 2023).Form 1099-K (Payment Card and Third Party Network Transactions) is used by credit card companies and third party processors like PayPal and Venmo to report transactions processed for retailers and other third parties.
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