IRS Announces One-Year Delay in $600 1099-K Requirement

The IRS announced today a one-year delay in the $600 1099-K threshold.  Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year.  While the IRS phrased the announcement as resulting from “…feedback from taxpayers, tax professionals and payment processors…,” I strongly believe that the IRS isn’t ready for the tsunami of 1099-K’s that are coming.

In any case, we have a delay for one year, with a $5,000 threshold for next year (2024 1099-K’s filed in 2025) and a $600 threshold for the 2025 tax year (1099-K’s filed in 2026).


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