Tag Archives: 1099-K

IRS Announces One-Year Delay in $600 1099-K Requirement

Posted on November 21, 2023 by Russ

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 →

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IRS Delays New $600 1099-K and Cryptocurrency Trading Reporting

Posted on December 23, 2022 by Russ

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 →

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Good Riddance: Reconciliation of Credit Card Deposits on Tax Returns Won’t Happen

Posted on February 9, 2012 by Russ

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 →

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A Problem Deferred: 1099-K’s

Posted on February 3, 2012 by Russ

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 →

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