Rules regarding payment processors

December 5, 2023

Do you remember when everyone was riled up around the IRS announcing the new rules for payment processors and 1099 reporting requirements? They were going to require 1099’s to be sent to everyone who received more than $600 through processors like CashApp, PayPal, Zelle, and others. Well, they are having a tough time with the implementation and are getting a lot of pushback from the processors themselves. This has caused them to delay and start slowly working their way to it.


For 2023 they are going to require processors to send a 1099-K to those who have received more than $20,000 and had more than 200 transactions. They are planning to step this down further in 2024 to $5,000 in payments received. We will see if they are actually able to pull this off or if Congress changes the law before then. In the meantime, plan accordingly on how you want to send and receive payments and what effects that will have on your tax reporting requirements.


For a full link to the IRS news regarding these issues, please see: IRS announces delay in Form 1099-K reporting threshold

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