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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
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
