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Tag Archives: 1099-K
IRS Announces One-Year Delay in $600 1099-K Requirement
The IRS announced today a one-year delay in the $600 1099-K threshold. Additionally, the IRS announced that they will phase-in the requirements with a $5,000 threshold for the 2024 tax year. While the IRS phrased the announcement as resulting from … Continue reading
IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting
Two big announcements from the IRS today will have a major impact on 2022 tax returns (returns filed in 2023). First, the IRS announced a delay in implementing the $600 reporting for third-party payment platforms (Form 1099-K). Quoting from the … Continue reading
Posted in Cryptocurrencies, IRS
Tagged 1099-K
Comments Off on IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting
Good Riddance: Reconciliation of Credit Card Deposits on Tax Returns Won’t Happen
As I noted last week, the problem of entering 1099-K’s for recipients of those forms was deferred until 2012. It turns out that the IRS acquiesced to complaints from tax professional and other groups, including the Retail Industry Leaders Association … Continue reading
A Problem Deferred: 1099-K’s
This year sees the introduction of Form 1099-K. This form reports merchant and third-party payments you’ve received. We were supposed to note these on separate lines on our tax returns, but not any longer: For tax year 2011 the IRS … Continue reading