{"product_id":"the-ultimate-1099-guide-for-entrepreneurs-who-give-and-receive-1099s-paperback","title":"The Ultimate 1099 Guide: For Entrepreneurs Who Give and Receive 1099s - Paperback","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eSteph Wynne\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003eYep, the IRS has decided to pause the implementation of Form 1099-K for 2023. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eWhat this means is that, for 2023, the IRS is reverting to the previous threshold. Anyone earning $20,000 or more and conducting 200 or more transactions will receive a 1099-K in January 2024. \u003cp\u003e\u003c\/p\u003eThis older requirement is now back in effect for 2023. \u003cp\u003e\u003c\/p\u003eIf the IRS had implemented the new law, starting in January 2024, most businesses and individuals would likely have received a 1099-K. \u003cp\u003e\u003c\/p\u003eA similar delay occurred last year, but it was on December 22, 2022, just before Christmas, when the IRS quietly announced the delay of the 1099-K for 2022. \u003cp\u003e\u003c\/p\u003eNow, beginning in 2024, the threshold will be set at $5,000. This means that in 2024 if you were paid through a third party like Venmo, Paypal, Square, Cash App, or numerous others, you will receive one or more 1099-K forms in 2025. \u003cp\u003e\u003c\/p\u003eI have a strong feeling that the $5,000 threshold will remain in place for 2024 and beyond, rather than the $600 threshold that the IRS had originally intended to implement. \u003cp\u003e\u003c\/p\u003eSo, let's rejoice and be happy! \u003ci\u003eSorry, but just because you might not get a 1099-K doesn't mean you don't report the money you made to the IRS!\u003c\/i\u003e \u003cp\u003e\u003c\/p\u003eFor more information directly from the IRS on Form 1099-K, visit their website. \u003cp\u003e\u003c\/p\u003e- Steph\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 34\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.07 x 9 x 6 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e February 21, 2023\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":52485177442611,"sku":"9798377957027","price":20.48,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0300\/5595\/6612\/files\/k7hCC5OKgc9798377957027.webp?v=1759798496","url":"https:\/\/www.vysn.com\/products\/the-ultimate-1099-guide-for-entrepreneurs-who-give-and-receive-1099s-paperback","provider":"VYSN","version":"1.0","type":"link"}