IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K. Accordingly, for taxable year 2022 transactions, information return reporters should file with the FTB the same Form 1099-K that they file with the IRS, unless the Form 1099-K is issued for payment in settlement of third-party network transactions to an app-based driver.įor more information, please visit the IRS website: Information return reporters are required to file with the FTB certain information returns, including Form 1099-K, that they are required to file with the IRS. New IRS guidance states that, “s a result of the delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan Act of 2021.” On December 23, 2022, the Internal Revenue Service announced a delay in implementation of the $600 reporting thresholds for third-party settlement organizations.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |