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Today, the IRS issued several new Frequently Asked Questions (FAQs) on Form 1099-K. As we informed you last week, the IRS announced in Notice 2023-10 that it is delaying for a year the implementation of the new, lower $600 reporting threshold for Form 1099-K.
As a relevant aside, note that the FAQs state that they have not been published in the Internal Revenue Bulletin, thus will not be relied upon or used by the IRS to resolve a case. In other words, while FAQs are certainly helpful, it’s important to remember the law surrounding taxpayers’ reliance on FAQs and subregulatory guidance in general, which is discussed more HERE.
That’s it. That’s the Byte.
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