Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023
Nancy McClelland, LLC
DECEMBER 26, 2023
3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. If the 1099-K is for an amount that is lower than what’s on the income section of the Profit & Loss, it’s not likely to be an issue.
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