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IRS Announces Delay for Implementation of $600 Reporting Threshold for Third-Party Payment Platforms – Form 1099 K

On December 23, 2022, the Internal Revenue Service announced delay in implementation of the new $600 reporting threshold for third-party network’s Forms 1099-K.  As a result of this delay, third-party networks will not be required to report 2022 tax year transactions on a Form 1099-K to the IRS or the payee for the new $600 threshold amount.