Quote:
Originally Posted by wrm
So, for my own clarity...is this temporary hold on for a year or when does that 1099 go into effect?
Does it go into effect Jan. 1, 2023...basically a week from now or Jan. 1, 2024?
Any thoughts? I read the statement from the IRS and can read it two ways.
Thanks
|
The law as it is now is on hold and won't go into effect until 1/1/2023. That means for 2022, the selling threshold is still $20,000 and 200 transactions to trigger a 1099. IF the government does not change the law, then as of 1/1/2023, after someone receives $600 or more in sales, a 1099 will be triggered and sent in January 2024 for 2023 selling activities $600 or greater. Hopefully the lawmakers will increase the threshold to a much higher dollar amount.