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Reporting rules changed for Form 1099-K

by | Mar 1, 2023 | Taxes | 0 comments

Prior to 2022, Form 1099-K was provided only for third-party network transactions that fulfilled both of the following criteria:

There were more than 200 transactions in all.

The total value of transactions surpassed $20,000

The American Rescue Plan Act of 2021 (ARPA) modified those requirements, decreasing the reporting level for third-party networks that process payments for businesses.

For tax year 2022, a single transaction worth more than $600 may necessitate the issuance of a 1099-K by the third-party platform. As a result of this move, plenty more taxpayers will get 1099-Ks.


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