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