PAUSE to 2023 1099K reporting!!

NOV 21, 2023 “IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation” So, what does that mean for the upcoming tax season? For 2023 taxes (2024 filing season), platforms are required to send you Form 1099-K if you had over $20,000 in payments and over 200 transactions during 2023. Go to IRS.gov or Google IRS 1099-k Form change This takes you to much needed information and a link for more helpful information. I can’t redirect you to this link so you will need to follow the information above. The link is near the bottom under the section called: WHAT TO DO: “The IRS “Understanding your Form 1099-K” webpage provides resources for taxpayers who receive a 1099-K, including what to do with a Form 1099-K and what to do if you get a Form 1099-K in error”. The IRS also makes a point to remind everyone “To report all income” and you will find this also on IRS.gov relating to the “Gig Economy” which includes 1099-k “Tax Time Guide: IRS reminder to report all income; gig economy and service industry, digital or foreign assets and sources” For more information go to Poshmarks FAQ’s and search 1099k reporting requirements. Also hrblock.com “1099-k form: Everything you need to know”. As you can see in the photos above Poshmark is aware and working on this so this is just informational and only what I have found so far so I strongly encourage you to do your own research.