easilyscan 870 Posted November 21, 2023 Today they announced they're backing off on the asinine 1099-K reporting change that was part of President Biden's American Rescue Plan of 2021. Great news for people who use PayPal, Venmo, sell on eBay, etc. UPDATE 11/21/2023: IRS issues revised Form 1099-K reporting guidance & tax Fact Sheet. On November 21, 2023, the IRS issued Notice 2023-74 delaying the requirement for third-party electronic payment networks to report transactions over $600 to the IRS on a Form 1099-K, Payment Card & Third Party Network Transactions, until 2025. The $20,000 & 200 transactions thresholds remain in place until December 31, 2023, & will then decrease to $5,000 for the 2024 tax year. Note: The rules for reporting income are not changing. Anybody receiving taxable income through third-party networks must still track & report their taxable income. Read the IRS’s news release for more details. I'm all for going after tax cheats, but lowering the sales threshold from $20,000 all the way down to $600 was ridiculous & almost certainly influenced by the CPA lobby. Share this post Link to post Share on other sites
BeachGuy23 642 Posted November 22, 2023 Does that include things like tickets sold on stubhub? Taxes and financial crap baffle me. Share this post Link to post Share on other sites
easilyscan 870 Posted November 22, 2023 Just now, BeachGuy23 said: Does that include things like tickets sold on stubhub? Taxes and financial crap baffle me. If you use one of the major mobile payment services, I'm almost certain those would be included. Thankfully, the change announced today, means as long as payments you receive for the calendar year are below $5000, you're OK. The original plan was to have that figure at $600 per year. 1 Share this post Link to post Share on other sites
easilyscan 870 Posted November 22, 2023 17 hours ago, easilyscan said: If you use one of the major mobile payment services, I'm almost certain those would be included. Thankfully, the change announced today, means as long as payments you receive for the calendar year are below $5000, you're OK. The original plan was to have that figure at $600 per year. Correction: The threshold for calendar year 2023 is actually $20,000. That will drop to $5000 for 2024. Share this post Link to post Share on other sites
League Champion 1,896 Posted November 22, 2023 17 hours ago, BeachGuy23 said: Does that include things like tickets sold on stubhub? Taxes and financial crap baffle me. Or steroids & baby oil? Share this post Link to post Share on other sites
