Filing of the form 1099-Ks threshold reporting delayed!

Another delay for Form 1099-k lower threshold filing.

Change applies to the 11.21.2023 Blog / Post, “Tax news… Tax form 1099-ks, and more…”

2023 tax filing will be as another transition year, IRS announced the effective date of the $600 threshold for Form 1099-K reporting is delayed another year till 2024, considering as a it is planning to phase it to start with $5k reporting threshold.

Note:  Any new changes can create quite a confusion in calculating tax liabilities, making accurate tax payments, having big impact on your tax return bottom line!

We can help!  Please contact our office at 310.666.0244

Reference Page:

https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation