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.
The Impact of New Overtime Laws
July 6, 2015 brought news from the Department of Labor of proposed legislation that could drastically alter the way many employers pay overtime. The proposal would raise the threshold at which certain employees qualify for overtime coverage under the Fair Labor Standards Act. As the current law stands, most workers are no longer eligible for…
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