Level 10

Question

1099 K reporting delayed

Forum|Forum|2 years ago
November 21, 2023
2 replies
19 views

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

ProSeries Basic

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Level 15

yep....

https://proconnect.intuit.com/community/tax-talk/discussion/delay-in-new-1099k-reporting-and-new-threshold-for-2024/00/277159

HumanKind... Be Both

Level 10

I was a little late to the party!!

Level 15

LOL.... 'party' ???????

IRS sent it out a while ago; Spidell 'just' sent a flash email on it 😉

HumanKind... Be Both

Level 15

Has anybody heard about this yet? 😜

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation | Internal Revenue Service

Slava Ukraini!

Level 13

Yeah, but unfortunately this one came out 3 years ago and is still in place:

https://www.tax.virginia.gov/sites/default/files/inline-files/tb-20-10-virginia-1099-k-filing-requirements.pdf

TLDR: A $600 threshold has been in place since 2020 for anyone with a VA address.

Level 15

Rick, that's a bummer.

I'll send YOU any VA returns that cross my desk 😉

HumanKind... Be Both