New 1099-K requirements delayed until 2023

Delay in requirement for Forms 1099-K On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of $600. For calendar year 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.

Last week, the IRS also issued Frequently Asked Questions to help people who may receive Forms 1099-K.

Reporting does not impact a taxpayer's responsibility to accurately report all income, whether or not they receive a Form 1099-K or other information return (such as Form 1099-MISC, Miscellaneous Information; Form 1099-NEC, Nonemployee Compensation; etc.).