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IRS Sends Reminder About New 1099 Rules

November 9, 2022


The Internal Revenue Service (IRS) has reminded taxpayers accepting payments through payment cards and third-party network transactions that they may receive 1099-K forms for sales over $600 in early 2023.

New 1099-K Reporting Rule

The IRS noted that there are no changes made to the taxability of income but only in the reporting rules for Form 1099-K. Taxpayers are still required to report all income on their tax return unless it is excluded by law. This is whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.

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