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January 9, 2023 10:46 pm
IRS Delays Lower Threshold for 1099-K Report
Credit card processors and other third-party settlement organizations (e.g., PayPal) were supposed to report transactions in 2022 exceeding $600 on Form 1099-K. However, the IRS has postponed this threshold for 2022 (IR-2022-226). As a result, reporting will be made under the prior threshold: at least 200 transactions totaling more than $20,000. The $600 threshold, without regard to the number of transactions, will apply after calendar year 2022.
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
