IRS provides revised FAQs on Form 1099-K

Type
:
Development
Tax Area
:
Others
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
6 Feb
,
2024
Docxster’s Summary

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.

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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:

  • General information
  • What to do if you receive a Form 1099-K
  • Common situations
  • Third party filers of Form 1099-K
  • Whether my organization must prepare, file, and furnish Form 1099-K

 

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Source :
KPMG
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