2022-56: IRS delaying lower 1099-K reporting thresholds

The IRS announced today that it will delay the implementation of the American Rescue Plan Act’s (ARPA’s) lower $600 per payee 1099-K filing threshold for third-party settlement organizations (e.g., Venmo and PayPal) for payments made during the 2022 calendar year. This means the $20,000 per payee or 200 transaction thresholds will remain in effect for payments made in 2022. (IRS Notice 2023-10)

The IRS stated that additional details on the delay will be available in the near future, along with additional information to help taxpayers and the industry. For taxpayers who may still receive a 1099-K under the ARPA lower thresholds (presumably because the payors have already programmed their reporting systems), the IRS will provide additional instructions so that taxpayers understand what they must do.

The IRS announcement is available at:


Sign up for Spidell’s 2022/23 Federal and California Tax Update to spend one day with us and be ready for tax season. Click here for a list of in-person seminar locations.

Sign up for Spidell’s Flash E-mail — Get breaking news delivered to your inbox, plus other free analysis and information for tax professionals. Join our community and stay at the top of your game. Click here to sign up.