The annual growth in national health spending is expected to be faster than average gross domestic product (GDP) growth ...

New Rules for Form 1099-K For the 2023 tax year, third-party payment processors only needed to send out 1099-Ks if account holders conducted more than 200 transactions totaling at least $20,000 in ...

$5,000 in 2024 $2,500 in 2025 $600 in 2026 and after According to the IRS, you may receive a Form 1099-K even when total payments are less than the reporting threshold.

Under the old standard, the 1099-K was only sent to those who had received more than $20,000 and had more than 200 transactions on third-party payment processing platforms in 2023 and earlier years.

Those online platforms used to only mail the form if the payment reached $20,000 and 200 transactions. The IRS wanted to drop the threshold to send the form in 2023 to just $600.

The form notes (via Box 11) whether an RMD is required for the year in which you receive the form—for example, the 2023 form notes whether an RMD is necessary for 2024. Form 5498 also reports ...

So, for 2023 taxes, 1099-NEC forms are due to your independent contractors by January 31, 2024 (or the next business day if that date falls on a weekend or holiday). 1099-NEC vs. 1099-MISC forms ...

The IRS, in its release of the draft of the Form 1099-DA for brokers to report digital asset transactions, includes the broad definition of “broker” used in proposed regulations that drew industry ire ...