Third-party settlement services are popular because of how convenient they are to use. These services include payment apps, such as Venmo, and online marketplaces, such as eBay. However, if you cross certain transaction thresholds, you may receive Form 1099-K, Payment Card and Third Party Network Transactions. Late last year, the IRS delayed enforcing a $600 reporting threshold. As a result, for the 2023 tax year, Form 1099-K generally isn’t required unless a taxpayer receives more than $20,000 and has more than 200 transactions. To alleviate confusion surrounding taxpayers receiving and filing Form 1099-K, the IRS has issued a myths vs. facts list. Read the list: https://bit.ly/4c0tUgM. Contact us with questions © 2024