What Taxpayers Should Know About Reporting Certain Payments to IRS in 2024

Published on January 7, 2024

For 2024, the Internal Revenue Service (IRS) is planning to start implementing its new reporting requirement for those receiving 1099-K forms, including anyone who earns income through third-party apps. The rule was delayed for 2023, meaning that taxpayers who are filing their returns in the coming months don’t have to adhere to the 1099-K reporting. The agency also delayed the rule in 2022. After this year ends, the 1099-K form “could be sent to anyone” using those payment services, apps, and online marketplaces to accept payments. “We spent many months gathering feedback from third-party groups and others, and it became increasingly clear we need additional time to effectively implement the new reporting requirements,” said IRS Commissioner Danny Werfel several weeks ago in delaying the rule again....

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