The IRS has provided revised FAQs on Form 1099-K. The FAQs provide guidance on the reporting requirements for payment settlement entities and third-party settlement organizations. The FAQs also address the reporting requirements for merchants and payment processors.
The IRS today provided revised “frequently asked questions” (FAQs) [PDF 400 KB] on Form 1099-K (Payment Card and Third Party Network Transactions).
According to the accompanying IRS release—IR-2024-33 (February 6, 2024)—the revised FAQs provide more general information for taxpayers, including common situations, along with more clarity for industry and what organizations must send Forms 1099-K. The FAQs are in addition to a recently updated Understanding your Form 1099-K on IRS.gov page and other communications resources.
The updates to the FAQs contain substantial changes within each of the following sections:
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