The IRS has updated the reporting threshold for form 1099-K that will start in tax year 2023! All third-party payment apps and online marketplaces are required to issue a Form 1099-K when gross payments for goods or services exceed $600.
What does that mean to you? If you use a third-party payment app or online marketplace to sell goods or services and your gross payments exceed $600 you WILL be receiving a Form 1099-K. Click on the button below to view IRS Publication 5731-A for additional information regarding the 1099-K.