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Fact Sheet Contains Revised Form 1099-K FAQs

Checkpoint Federal Tax Update Staff  

· 1 minute read

Checkpoint Federal Tax Update Staff  

· 1 minute read

The IRS has issued Fact Sheet 2024-3, which contains revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third-Party Network Transactions (IR 2024-33, 02/06/2024).

The revised FAQs provide additional information for taxpayers and more clarity for industry and who should issue Forms 1099-K.

Following feedback from taxpayers, tax professionals and payment processors, late last year the IRS decided to delay the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

As a result, Form 1099-K reporting will not be required unless the taxpayer meets the old reporting threshold (over $20,000 and more than 200 transactions) in 2023.

Note. Taxpayers may still receive a Form 1099-K for lesser amounts and fewer transactions.

The revised FAQs contain substantial changes within each section:

  • General Information
  • What to Do If You Receive a Form 1099-K
  • Common Situations
  • Third-Party Filers of Form 1099-K
  • Should My Organization Be Preparing, Filing and Furnishing Form 1099-K?

For more information on Form 1099-K, see Payroll Guide ¶4264.


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