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.
Discussion
Wish I understood this topic better..
mainly gig economy issues, paypal,ebay,venmo etc
https://www.irs.gov/businesses/understanding-your-form-1099-k
Yes, they want to go after the side hustles but can’t figure out the best way and election year no no
Honestly the 1099k isn’t worth the paper it’s printed on. It shows cc transactions and there’s no way to cross check it unless your total
revenue is less than the cc payments, and I don’t think they are checking that.
How many people are going to be unable to rectify their lightning transactions anyways and be forced to say they didn’t sell bitcoin on their taxes?
Honestly I don’t fucking get it.
How in the world would we be able to track all this anyways?!
I know it’s a tangent, but in the same vein I’m honestly so confused with the IRS rn
Imma keep it real with you bruh bruh, they can suck my dick