01/28/2025 | Press release | Distributed by Public on 01/28/2025 21:06
The IRS again delays the $600 Form 1099-K reporting threshold
The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations (TPSOs) and will treat 2024 and 2025 as transition years. Utilize this Q&A to address your client's concerns so that you can proactively assist them with gathering the information that they may need for their income tax return.
How can best plan for upcoming tax changes?
CPAs need to not only brace for tax law changes such as the Tax Cuts and Jobs Act (TCJA) and expiring provisions but also be proactive in planning for them. Visit the Planning for tax change resource library for tools and guidance to help you through this unsteady time.