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  • 1.  IRS (AGAIN) DELAYS 1099-K REPORTING THRESHHOLD

    Silver Most Valuable Member
    Posted 11-22-2023 10:09 AM

    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.

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    Larry Prosky CPA
    Prosky & Rosenfeld LLP CPAs
    1025 Old Country Road
    Suite 403 W
    Westbury, NY 11590
    Direct: 516-873-9600 x1
    Fax: 516-873-9602
    Cell (Text) 516-661-6020
    Other: 516-785-5658
    e-mail: larry@prcpallp.com


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  • 2.  RE: IRS (AGAIN) DELAYS 1099-K REPORTING THRESHHOLD

    Platinum Most Valuable Member
    Posted 11-22-2023 11:02 AM

    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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