New LLC form 2023

[tayloredurogyn]

There is a new form I am told all LLCs will have to fill out starting in 2023. I was told that there are daily penalties starting in 2023 if this form is not filled out.

What is this form?

Do sole proprietorships (single member LLCs disregarded entities) have to complete this form?

What is the purpose of this form? Why is the IRS now requiring it?

[Ruth C-L]

Good day. There are no new forms that LLCs need to fill out starting 2023. I do know that payment apps and online marketplaces are required to file a Form 1099-K if the gross payments to you for goods and services are over $600 starting in 2023. 

The recipient of the payments will not be required to file these forms, just the payment apps and online marketplaces. 

Ruth, CPA, Esq.