Issue Number: N-2023-74
Inside This Issue
Notice 2023-74 provides that calendar year 2023 will be regarded as a further transition period for purposes of IRS enforcement and administration of the minimum reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions. With respect to calendar years beginning before January 1, 2024, a third party settlement organization is not required to report payments in settlement of third party network transactions with respect to a participating payee unless the amount to be reported exceeds $20,000 and the number of such transactions with that participating payee exceeds 200. This notice does not affect whether payments in settlement of third party network transactions are income to the participating payees.
Notice 2023-74 will be in IRB – 2023-51, dated 12/18/2023.
Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.
This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message.
|This email was sent to firstname.lastname@example.org by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535