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. More information Recordkeeping Gig economy tax center Subscribe to IRS tax tips
