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IRS Tax Tips March 25, 2024

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Issue Number:? IRS Tax Tip 2024-20

*Watch this free webinar on 2023 Form 1099-K rules*

People can now access a free recording of the 2023 Form 1099-K webinar [ [link removed] ]. This webinar has important info for tax professionals and for anyone who receives a?Form 1099-K [ [link removed] ], including people who use popular payment apps and online marketplaces.

The webinar covers:


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

The webinar recording also includes the live question and answer session. It?s closed-captioned, and a full transcript is also available.

*Form 1099-K reporting requirements
*On Nov. 21, 2023, the IRS?announced [ [link removed] ]?that in general, reporting requirements for Form 1099-K will remain the same for 2023, which require the reporting of payments over $20,000 with over 200 transactions. The IRS also announced it?s planning for a $5,000 reporting threshold in 2024.

To register for other upcoming webinars or for more information, visit the?Webinars for Tax Practitioners [ [link removed] ]?page on IRS.gov. People can also find other helpful videos at?irsvideos.gov [ [link removed] ].

*More information
*Recordkeeping [ [link removed] ]
Gig Economy Tax Center [ [link removed] ]

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