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).
Tags: 1099-K