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IRS announces delay for implementation of $600 reporting threshold

Income Tax Services

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals, and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.”

 

Take a look at the following notice from the Internal Revenue Service:

Issue Number:    IR-2022-226

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