Third-Party Payment apps and Online Marketplaces

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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.

Click Here for IRS Publication 5731-A
Categories: Tax News

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