There are a few notable changes for 2022 tax reporting:

Updates to Form 1099-K:

• Continuous-use form and instructions. Form 1099-K and these instructions have been converted from an annual revision to continuous use. Both the form and instructions will be updated as needed.

Filing Thresholds:

The 1099-K filing threshold is $20,000 USD in total gross volume and 200 transactions.*

*On December 23rd, the IRS announced that the 1099-K filing threshold will remain at $20,000 USD and 200 transactions for tax year 2022.

 Updates to Form 1099-MISC:

• Continuous-use form and instructions. Form 1099-MISC and these instructions have been converted from an annual revision to continuous use. Both the forms and instructions will be updated as needed.

• New box 13. Box number 13 has been assigned to the Foreign Account Tax Compliance Act (FATCA) filing requirement checkbox. Subsequently, old box numbers 13 through 17 have been renumbered to new box numbers 14 through 18, respectively.

Updates to Form 1099-NEC:

• Continuous-use form and instructions. Form 1099-NEC and these instructions have been converted from an annual revision to continuous use. Both the forms and instructions will be updated as needed.

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.