What’s new for 1099 tax forms in 2023

FILING THRESHOLDS:

On November 21st, the IRS announced that the 1099-K filing threshold will remain at 20,000 USD and 200 transactions for tax year 2023.

If the gross amount of total reportable payments exceeds $20,000 and the total number of such transactions exceeds 200 in a calendar year —and they're based in the US or are a US taxpayer—payees should expect to receive a 1099-K, either through paperless delivery or paper mailing.

EARLIER ACCESS TO EDITABLE TAX FORMS:

Draft 2023 tax forms are available in your Dashboard as of August 2023. Platforms can edit these forms right away to resolve any missing or inaccurate information.

NEW METHODS TO CREATE OR EDIT TAX FORMS:

IMPROVED SPLITTING AND GROUPING OF TAX FORMS:

TAX FORM DELIVERY IMPROVEMENTS

Looking for more information on new Tax Form features? Check out the link below to learn more about the new features we're offering this year!

What's new for tax year 2023

This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting.