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    Month: October 2023

    1099-K Reminder

    The IRS delayed the effective date of this lower threshold. See our post on November 29, 2023. As discussed in our post on January 24, 2023, the threshold for filing Form 1099-K, Payment Card and Third-Party Transactions, for the 2023 tax year will be significantly lower than in prior years. For the 2023 tax year, third-party payment platforms will be required to file Form 1099-K for any ac...

    Form 8300 E-File Mandate

    The IRS recently announced that taxpayers who are required to e-file Forms 1099 and W-2 will also be required to electronically file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. This change is scheduled to be effective as of January 1, 2024. As discussed in our posts during June 2023, the threshold for the e-file mandate for Forms W2 and 1099s has been r...