1099-K $600 reporting threshold delayed again; won't apply to 2023

[Adam H. Kerman]

The threshold to report third-party settlements on 1099-K will not be
lowered to $600 for 2023. The threshold is over $20,000 with more than
200 transactions.

They are planning to lower the threshold to $5,000 for 2024 but no
announcement has been made.

https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

https://www.irs.gov/pub/irs-drop/n-23-74.pdf

https://www.irs.gov/businesses/understanding-your-form-1099-k

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation

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[Rick]

"Adam H. Kerman" wrote in message news:um0upl$10o2p$2...@dont-email.me...

>
>The threshold to report third-party settlements on 1099-K will not be
>lowered to $600 for 2023. The threshold is over $20,000 with more than
>200 transactions.
>
>They are planning to lower the threshold to $5,000 for 2024 but no
>announcement has been made.
>
>https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation
>
>https://www.irs.gov/pub/irs-drop/n-23-74.pdf
>
>https://www.irs.gov/businesses/understanding-your-form-1099-k
>
>https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation
>

Any word on whether the $5000 minimum for 2024 will also include a set
minimum number of transactions?

--

[Adam H. Kerman]

Rick <ri...@nospam.com> wrote:
>Adam H. Kerman:

>>The threshold to report third-party settlements on 1099-K will not be
>>lowered to $600 for 2023. The threshold is over $20,000 with more than
>>200 transactions.

>>They are planning to lower the threshold to $5,000 for 2024 but no
>>announcement has been made.

>>https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

>>https://www.irs.gov/pub/irs-drop/n-23-74.pdf

>>https://www.irs.gov/businesses/understanding-your-form-1099-k

>>https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation

>Any word on whether the $5000 minimum for 2024 will also include a set
>minimum number of transactions?

If I understand the law correctly, Treasury doesn't have that kind of
flexibility with an interim regulation. The law itself removed
considering a minimum number of transactions. It's just a $600
threshold.

Regardless, I haven't noticed a reference to a proposed interim
regulation published in the Federal Register, but I haven't looked in
the Federal Register itself.

I continue to believe that Treasury is stalling, hoping Congress will
repeal the provision and that it can revert to what it had been.

I almost wrote IRS and not Treasury. Yes, I know that IRS is precluded
from writing its own regulations and that they must be written at the
Treasury level.