IRS Updates 1099-K Threshold Guidelines for Third-Party Payments
The IRS has updated the 1099-K threshold guidelines for third-party payments.The Internal Revenue Service (IRS) has a phased approach in adapting the new reporting thresholds for 1099-K to third-party settlement organizations (TPSOs) such as payment applications and online marketplaces. This strategy would make it easier for taxpayers and TPSOs.Form 1099-K, called “Payment Card and Third … Read more