Form 1099-K Expanded Third-Party Network Reporting Delayed Once Again by the IRS
The IRS has once more postponed the implementation date for the expanded reporting requirements on Form 1099-K, as announced in Notice 2023-74.[1] Previously, the IRS had deferred the effective date of Internal Revenue Code (IRC) §6050W(e), which was initially set to commence in 2022, extending it to 2023.
Additionally, in Fact Sheet 2023-27,[2] the IRS indicated plans to implement a threshold of $5,000 for 2024 as part of phasing in the new law, though this planned threshold was not mentioned in the Notice.
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