Delay in Implementation of $600 Reporting Threshold for Form 1099-K
On October 23, 2022, the IRS announced a delay in new reporting thresholds for third-party settlement organizations that was set to take effect for the 2022 tax year. Due to the delay, settlement organizations will not be required to report transactions on Form 1099-K for the $600 lower threshold amount enacted as part of the American Rescue Plan of 2021.