N-2023-74: Revised Timeline Regarding Implementation of Amended Section 6050W(e)

Notice 2023-74 provides that calendar year 2023 will be regarded as a further transition period for purposes of IRS enforcement and administration of the minimum reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions. With respect to calendar years beginning before January 1, 2024, a third party settlement organization is not required to report payments in settlement of third party network transactions with respect to a participating payee unless the amount to be reported exceeds $20,000 and the number of such transactions with that participating payee exceeds 200. This notice does not affect whether payments in settlement of third party network transactions are income to the participating payees.

Notice 2023-74 will be in IRB - 2023-51, dated 12/18/2023.

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