IRS revises and updates frequently asked questions about Form 1099-K

IR-2024-33, Feb. 6, 2024

The Internal Revenue Service today revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet 2024-03.

The revised FAQs provide more general information for taxpayers, including common situations, along with more clarity for industry and what organizations should send Forms 1099-K. The FAQs are in addition to a recently updated Understanding your Form 1099-K on page and other communications resources.

The IRS announced on Nov. 21, 2023 in Notice 2023-74 a delay in the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.