1099-K $600 reporting threshold delayed again; won't apply to 2023

Any word on whether the $5000 minimum for 2024 will also include a set minimum number of transactions?

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If I understand the law correctly, Treasury doesn't have that kind of flexibility with an interim regulation. The law itself removed considering a minimum number of transactions. It's just a $600 threshold.

Regardless, I haven't noticed a reference to a proposed interim regulation published in the Federal Register, but I haven't looked in the Federal Register itself.

I continue to believe that Treasury is stalling, hoping Congress will repeal the provision and that it can revert to what it had been.

I almost wrote IRS and not Treasury. Yes, I know that IRS is precluded from writing its own regulations and that they must be written at the Treasury level.

There have been developments over the last two months. IRS has issued FAQs and general guidance to payees on reporting. Certain guidance was updated February 6, 2024, including Fact Sheet 2024-03 FAQs, which include helpful examples and distinguish payments for card transactions (which have never had a minimum threshold for reporting) and payments from third party settlement organizations and payment entities.

The paper Form 1099-K is NCR and there's a copy for IRS to scan with red dropout ink. Other than to see an example of the form or possibly to issue extraneous copies that for some reason weren't filed electronically, I cannot imagine who would use the paper form, given that with a threshold of 10 forms to file, there is an electronic filing requirement.

Also, there are updated Web pages.

They want all information on a 1099-K to be reported. It's not clear to me if this is a suggestion or mandatory.

If the 1099-K was received in error and a corrected one wasn't issued, report on Schedule 1. Part I Line 8z Other Income, report the error, and the adjustment on Part II Line 24z Other Adjustments. Use the same lines if a personal item was sold at a loss but the adjustment cannot exceed the income as the loss isn't taken for tax purposes.

If there is a gain, it's reported as a short-term gain on Form 8949 which flows to Schedule D.

I was just told that the gross amount of payments received by Uber and Lyft drivers get reported on 1099-K.