IRS Updates Form 1099-K Guidance, Confirms Reporting Threshold for Online Sale Receipts

Published on February 8, 2024

The Internal Revenue Service (IRS) issued updated Form 1099-K guidance Tuesday, providing information on reporting thresholds that would trigger the form while answering several other key questions. Form 1099-K is an information return triggered when taxpayers receive payments for goods and services through payment cards, payment networks, or online marketplaces. The IRS revised its FAQs related to Form 1099-K on Feb. 6 to “provide more general information for taxpayers, including common situations, along with more clarity for industry and what organizations should send Forms 1099-K.” Payment cards include credit and debit cards, value cards, and gift cards. Payment apps including PayPal and online marketplaces like Amazon are referred to as third-party settlement organizations (TSPOs), according to an IRS Fact Sheet....

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