In Notice 2023-74, the IRS has announced another delay in the implementation date of the lower filing threshold for Form 1099-K, Payment Card and Third-Party Transactions. The threshold for filing Form 1099-K for the 2023 tax year was scheduled to be $600 for the year. The IRS has delayed this lower threshold for the 2023 tax year, so that the prior threshold will continue to apply for the 202...
Update: See our post on December 5, 2023 regarding a change in due date for entities created during 2024. As discussed in in our post on December 13, 2022, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. This reporting must be done during 2024. We also have a video discussing this new requ...
As discussed in in our posts during June 2023, the threshold for the e-file mandate for Forms W2 and 1099 has been lowered to 10, effective for forms to be filed for the 2023 tax year, beginning on or after January 1, 2024. We also have a video discussing this new requirement. If you have not already done so, you need to register to e-file Forms W-2 and 1099 on behalf of clients. Informati...
