Revised IRS Reporting rules - 1099K's

[Czechvar]

Here’s the latest:

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation | Internal Revenue Service

2024 Reporting is a Transitional amount of $5K

2023 transactions are not reportable unless $20K or 200 transactions

 

[s&wchad]

That's good news!
The previous reporting level from $20K plus 200 or more transactions to $600 was obsurd. They also said that if you didn't have doccumentation showing what you paid, the entire amount (including shipping) was treated as short term capital gains.

 

[Telecaster]

It shows how out of touch with reality they are.

 

[s&wchad]

It shows how out of touch with reality they are.

I believe the change to $600 was part of the American Rescue Plan of 2021.

I see this recent change as a good thing, but how exactly does the IRS have the authority to change laws enacted by Congress?

That was a rethorical question...

 

[riverrat38]

It shows how badly they think they need more money.

73,
Rick