Your Form 1099-K and Changes for Tax Year 2024
What’s Changing? The IRS has changed the 1099-K threshold for tax year 2024. Taxpayers and small businesses will receive a Form 1099-K from payment providers for tax year 2024 if they are based in the U.S. and the gross amount of reportable card payments is $5,000 or more.
NOTE - prior to calendar year 2024, the IRS 1099-K threshold applied to merchant accounts based in the U.S. and having $20,000 USD in total gross volume and 200 transactions.
What Does This Mean? For tax year 2024, you'll get a Form 1099-K if you are based in the U.S. and the gross amount of reportable card payments is $5,000 or more.
Filing requirements for some states can differ from the IRS.
If you have additional questions on how on the reporting of the 1099-K form CONTACT US NOW.
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