IRS Announces 2023 Form 1099-K Reporting Threshold Delay for Third Party Platform Payments
The IRS has once again delayed the implementation of the $600 reporting threshold for Form 1099-K. In Notice 2024-85, the IRS announced that 2024 and 2025 will serve as transition years to gradually ease compliance for third-party settlement organizations (TPSOs) and payees. New Reporting Thresholds for TPSOs: • 2024: Payments exceeding $5,000 must be reported.…