IRS News Release: Service Providers, Others May Receive 1099-Ks for Sales Over $600 in Early 2023 (IRC §6041)

Taxpayers reminded that if earning income from selling goods and/or providing services, they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year., the IRS announced. The American Rescue Plan Act of 2021 (ARPA), Pub. L. No. 117-2, lowered the reporting threshold for third-party networks that process payments for those doing business, the IRS stated. Prior to 2022, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and ...