Yes. Form 1099-K is a tax form used to report certain electronic and credit card payment transactions.
• The form includes the annual gross amount of all reportable payment transactions made through an individual payment card processor or third-party payment network.
• The IRS recently postponed the lowering of the reporting threshold for third-party transactions until 2024 (for 2023 transactions).
• The threshold will be lowered to more than $600 received per year from third-party networks to improve voluntary tax reporting compliance. For 2022 and earlier transactions, the threshold amount remains at more than 200 transactions that also add up to more than $20,000.
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