On Dec. 23, 2022, the IRS announced calendar year 2022 will be treated as a transition year for the reduced reporting threshold of more than $600. Third-party settlement organizations who issue Forms 1099-K are only required to report transactions where gross payments exceed $20,000 and there are more than 200 transactions.

You can see the IRS’s updated frequently asked questions for Form 1099-K here.

Contact your KPM #KPMTax advisor with questions!