1099 Compliance News and Updates
Stay informed with the latest updates on 1099 regulations and IRS announcements.
IRS Extends 1099-K Reporting Threshold Delay
February 9, 2023
The IRS announced another delay for the new $600 reporting threshold on Form 1099-K, with a temporary increase to $5,000 for 2024.
House Passes Bill to Raise 1099-K Threshold
June 13, 2024
The House Ways and Means Committee advances legislation to restore the $20,000 and 200 transaction threshold for third-party payments.
IRS Faces Criticism Over Destruction of 30 Million 1099 Forms
March 2021
In an attempt to reduce backlogs, the IRS destroyed millions of paper-filed information returns, raising concerns about tax compliance and accountability.
American Rescue Plan Act Impacts 1099-K Filers
March 11, 2021
The American Rescue Plan Act lowered the reporting threshold to $600 for Form 1099-K, affecting millions of small businesses and freelancers.