Alert: The $600 threshold for payment apps and online marketplaces to report payments on Form 1099-K has been delayed for tax year 2023. The IRS is planning a threshold of $5,000 for the 2024 tax year.
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Form 1099-K Snapshot
Dec 12, 2023 · 2 min read
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Background
The American Rescue Plan Act of 2021 (ARPA), P.L. 117-2, enacted on March 11, 2021, lowered the de minimis dollar threshold from $20,000 to $600 with no transactional threshold (as opposed to more than 200 transactions) for information reporting on third-party network transactions.
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