IRS Announces Delay in $600 Reporting Threshold for Third-Party Payment Platforms

On December 23rd, the Internal Revenue Service announced a delay in reporting thresholds for third-party settlement organizations. Due to this delay, these organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the $600 threshold amount enacted as part of the American Rescue Plan of 2021.

For full details on this delay and what it means for you, please view this IRS press release. If you have any questions, do not hesitate to contact us.