- The IRS and the U.S. Department of the Treasury have delayed implementation of the lower threshold for Form 1099-K, “Payment Card and Third Party Network Transactions,” reporting.
- New rules for digital asset broker reporting also are delayed.
- A new online Form 1099 filing system, the Information Returns Intake System (IRIS), is available.
On Dec. 23, 2022, Treasury and the IRS delayed two new rules for information reporting. Notice 2023-10 delays implementation of the lower $600 threshold for Form 1099-K reporting that was supposed to be effective beginning with 2022 payments. Announcement 2023-02 delays digital asset broker reporting under IRC Section 6045 and Section 6045A that was supposed to be effective beginning with 2023 transactions. These delays provide welcome relief to filers and taxpayers that would be receiving these statements.
In addition, on Jan. 23, the IRS announced the IRIS system is available for use. This new system should make it easier for taxpayers to file information returns that are eligible to be submitted through the online portal, like the Form 1099-K.