sgt1372
Platinum Member
- Joined
- Oct 16, 2018
- Messages
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This was news to me and for those of you who didn't already know . . .
FYI, the IRS never implelented the change to the $600 reporting rule for 1099s in order to comply with the new "law" that was passed in 2021. So, the 1099 reporting limit for 2023 is still $20,000 and, subject to further changes, the IRS is currently planning to phase in the rule by reducing the limit to be $5,000 in 2024 and $600 in 2025.
See: Do You Use Paypal or Venmo? The IRS Is Giving You A Break
FYI, the IRS never implelented the change to the $600 reporting rule for 1099s in order to comply with the new "law" that was passed in 2021. So, the 1099 reporting limit for 2023 is still $20,000 and, subject to further changes, the IRS is currently planning to phase in the rule by reducing the limit to be $5,000 in 2024 and $600 in 2025.
See: Do You Use Paypal or Venmo? The IRS Is Giving You A Break