IRS Tax Tip 2024-20, March 25, 2024
People can now access a free recording of the 2023 Form 1099-K webinar. This webinar has important info for tax professionals and for anyone who receives a Form 1099-K, including people who use popular payment apps and online marketplaces.
The webinar covers:
- Friends and family transactions.
- How to report 1099-K amounts on a 2023 tax return.
- What to do if a 1099-K is incorrect.
- Recordkeeping.
- IRS resources.
The webinar recording also includes the live question and answer session. It’s closed-captioned, and a full transcript is also available.
Form 1099-K reporting requirements
On Nov. 21, 2023, the IRS announced that in general, reporting requirements for Form 1099-K will remain the same for 2023, which require the reporting of payments over $20,000 with over 200 transactions. The IRS also announced it’s planning for a $5,000 reporting threshold in 2024.
To register for other upcoming webinars or for more information, visit the Webinars for tax practitioners page on IRS.gov.