To help taxpayers with filing, the IRS debunked some common myths to help them understand what to do with Form 1099-K.
Following feedback from partners, the IRS announced last November that the reporting threshold for Form 1099-K, Payment Card and Third-Party Network Transactions, would not change for 2023.
The reporting threshold requirements remain over $20,000 in payments and over 200 transactions.
The IRS continues to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K. To avoid further confusion, the IRS addressed these common myths.