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Issue Number:? ??IR-2024-08

Inside This Issue

IRS: Webinar on 2023 Form 1099-K rules now available; free online video can help those who get payments through payment apps and online marketplaces

WASHINGTON ? The Internal Revenue Service today posted a free online video of a recent 2023 Form 1099-K webinar, a resource among many helpful videos at IRSvideos.gov.

The Dec. 14 webinar focused on various issues for taxpayers who receive income typically reported to them on Form 1099-K, including those who often use popular payment apps and online marketplaces.

The webinar reflected the Nov. 21 IRS announcement that in general, reporting requirements for Form 1099-K will remain the same for 2023, which require payments over $20,000 with over 200 transactions to be reported. The IRS also announced it is planning for a $5,000 reporting threshold in 2024.

Among other things, the webinar covered:

• Friends and family transactions.
• How to report 1099-K amounts on a 2023 return.
• What to do if a 1099-K is incorrect.
• Recordkeeping.
• IRS resources.

The webinar also included a live question-and-answer session. It was closed-captioned, and a full transcript is also available.

Though primarily aimed at tax professionals, the webinar may also be useful to anyone interested in this topic. Over 9,000 people registered for the live webinar, which is one of many archived on the IRS Video Portal covering a wide range of topics.

Recent webinars have focused on tax-related identity theft, the special tax rules for Americans living abroad, offers in compromise, employer-sponsored educational assistance programs and the Employee Retention Credit.

Live webinars take place regularly. Upcoming free webinars will deal with topics such as the Earned Income Tax Credit and other refundable credits. For tax professionals, continuing education credits are available for attending live webinars but not for archived videos.

To register for an upcoming webinar or for more information, visit the Webinars for Tax Practitioners page on IRS.gov.

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