Yesterday, the IRS made official the delay on the 1099-k implementation for the $600 threshold for 2023.

In 2023, the 1099-k will be released if the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

Based on the IRS website, the current plan for 2024 is the threshold to be $5,000 and lower down the threshold in the future to the $600 enacted under the American Rescue Plan (ARP).



Link IRS – IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation

Link CNN article – IRS postpones rule change on digital payment reporting for small businesses and side hustles