Reporting threshold for Form 1099-K, Payment Card and Third-Party Network Transactions, does not change for 2023, the IRS stated. The reporting threshold requirements remain over $20,000 in payments and over 200 transactions. Payment apps and marketplaces that have held backup withholding for a payee during calendar year 2023 must file a Form 945 and a Form 1099-K. States may have a lower reporting threshold, which could result in receiving a Form 1099-K, even if the total gross payments received in the year did not exceed the federal reporting threshold. [IR-2024-57 (Mar 1, 2024); FS-2024-7 (Mar. 2024)]
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