IRS Announces Delay in $600 Form 1099-K Reporting Threshold: The IRS has released Notice 2023-74, which delays the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. This is the second time the IRS has temporarily delayed implementation of this complex provision, enacted under the American Rescue Plan, which was originally set to take effect in 2022. The agency will treat 2023 as an additional transition year, meaning reporting is not required unless the taxpayer receives over $20,000 and has more than 200 transactions during the year. As part of a new phased-in approach to implementing the $600 reporting threshold, the IRS announced the threshold for the 2024 tax year will be $5,000. The IRS anticipates making updates to Form 1040 for 2024 that will make the reporting process easier for taxpayers who receive Form 1099-K.