Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023
Nancy McClelland, LLC
DECEMBER 26, 2023
Here’s a nice decision-tree provided by our friends over at Bookkeepers.com , courtesy of Bookkeeping Buds. 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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