1099-K Lower Threshold for 2022

The IRS delayed the effective date of this lower threshold. See our post on December 27, 2022.

The lower filing threshold for Forms 1099-K is effective for the 2022 tax year, so taxpayers and practitioners should expect to see many more Forms 1099-K during this upcoming filing season.

Taxpayers who have received personal payments through various payment platforms need to make sure that such payments will be properly coded and not included on Forms 1099-K. Conversely, taxpayers who receive Forms 1099-K for the first time for business payments that they received during 2022 need to plan to properly report this activity.

We will discuss practical issues related to the lower filing threshold and in-depth guidance in our upcoming seminars in December and January. If you are not already registered, register here