IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ like Venmo, PayPal, Cash App, etc.

December 23, 2022, the IRS released Notice 2023-10, which announces the delay in implementation of the $600 lower requirement for issuing Form 1099-K until the 2023 filing year (meaning these forms will need to be filed in January 2024).

The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.