IRS Releases Continual Use Form 1099-K

Jesse Rooney
April 4, 2022

The IRS has revised Form 1099-K.  The form has been changed to be a continual use form, minimizing changes for subsequent years.

There is a substantial change to filing direction.  For tax year 2022, third-party network transactions reporting a sum of at least $600 must be reported to the IRS, regardless of number of transactions.  Previously, reporting of TPSO transactions was only required when the sum of the transactions exceeded $20,000 with 200 or more transactions reported.

The form itself and associated instructions have been revised in line with the above changes.

To review Form 1099-K, please follow this link.

To review the Instructions for Form 1099-K, please follow this link.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.


Jesse Rooney

Jesse Rooney is regulatory counsel for Sovos. His research focuses on tax information reporting. He is a member of the Massachusetts bar.
Share This Post