1099-K

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What Is IRS Form 1099-K and How Does It Impact Me?

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has made significant changes to the reporting requirements for third-party payment networks, and small business owners need to be aware of how these adjustments may impact their tax obligations. What is Form 1099-K? Form 1099-K is issued by third-party payment processors and credit card networks to businesses and individuals who receive digital payments […]

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Young woman holding credit card and using smart phone buying online shopping. application mobile banking technology concept.

IRS Notice on Form 1099-K Reporting for 2023 Explained

Bailey Scarano Blog / By

The IRS has recently pulled back on its change requiring third-party settlement organizations (TPSOs) to report transactions exceeding $600 in 2023 rather than its current limit of transactions more than $20,000. Basically, for 2023, the IRS is giving these organizations more time to adapt to new 1099-K reporting rules introduced by the American Rescue Plan

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