IRS provides revised FAQs on Form 1099-K
Revised FAQs provide more general information for taxpayers, including common situations, and what organizations must send Forms 1099-K
IRS provides revised FAQs on Form 1099-K
The IRS today provided revised “frequently asked questions” (FAQs) [PDF 400 KB] on Form 1099-K (Payment Card and Third Party Network Transactions).
According to the accompanying IRS release—IR-2024-33 (February 6, 2024)—the revised FAQs provide more general information for taxpayers, including common situations, along with more clarity for industry and what organizations must send Forms 1099-K. The FAQs are in addition to a recently updated Understanding your Form 1099-K on IRS.gov page and other communications resources.
The updates to the FAQs contain substantial changes within each of the following sections:
- General information
- What to do if you receive a Form 1099-K
- Common situations
- Third party filers of Form 1099-K
- Whether my organization must prepare, file, and furnish Form 1099-K
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.