The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations and will treat 2023 as another transition year, the Service said Tuesday in Notice 2023-74.
When the IRS does start to implement the new threshold, enacted by the American Rescue Plan Act (ARPA) of 2021, P.L. 117-2, it is planning to phase it in, starting with a $5,000 reporting threshold for tax year 2024.
Hopefully, someone will see the light and extend the BOI reporting till 2025,
Thanks so much for this, Mike Jaffe, CPA
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