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.
