Form 1099-K

Learn how to accurately report payments received via payment cards and third-party networks with our guide on Form 1099-K. This resource covers who must file the form, which payments are reportable, and how to handle errors or disputes. Ideal for freelancers, small business owners, and online sellers, this guide helps ensure compliance and proper income reporting.

Highlights:

• Reporting Requirements: Who receives Form 1099-K and what payments should be reported, including the $600 threshold starting in 2024.

• Excluded Payments: Clarifications on non-reportable payments, such as personal gifts or reimbursements.

• Handling Errors: Steps to take if you receive a Form 1099-K in error or if the information is incorrect.

• Tax Reporting: How to use Form 1099-K in conjunction with other tax documents to report your income accurately.