eFile IRS Form 1099-K Online for 2023 Tax Year

IRS Form 1099-K is used to report Payment Card and Third Party Network Transactions exceeded $600 for the calendar year.

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IRS Form 1099-K Filing Requirements for 2023

The IRS has announced important changes to Form 1099-K, which is used to report certain payments made by third-party payment processors.

These changes include,

Who Is Affected By The Form 1099-K Threshold Changes?

Recent changes in Form 1099-K thresholds affect various parties involved in financial transactions conducted through third-party network platforms

What do businesses need to do to comply?

The new reporting threshold for IRS Form 1099-K has implications for payment processing companies. To ensure compliance with these changes, they need to take specific actions:

Identify Transactions Above $20,000 and has more than 200 transactions

Obtaining W-9 forms from their payees for accurate TIN

Tracking and Issuing Form 1099-K by the IRS Deadline

Timely 1099-K Reporting to Avoid

How to comply with the new IRS Form 1099-K rules ?

The deadlines for filing Form 1099-K

The penalties for non-compliance

How to obtain W-9 forms from recipients


Form 1099-K is used for reporting payments received through credit, debit, or stored value cards (payment cards) and via payment apps or online marketplaces (third-party payment networks).

Payment settlement entities, such as credit card processors and third-party payment networks, must file Form 1099-K. They must report payments made to participating payees when the gross total exceeds $600 in a calendar year.

A payment app or online marketplace is required to report the gross payments you received for goods or services to you and the IRS in January if it surpasses 200 transactions or is for more than $20,000.


Payment settlement entities must report specific information on Form 1099-K, including the payee’s name, address, Taxpayer Identification Number (TIN), and the total gross payment amount received through payment cards or third-party payment networks.

When you receive Form 1099-K, review it for accuracy and ensure the reported income aligns with your financial records. You may need this information for your tax return.

When filing your tax return, include the income reported on Form 1099-K in the appropriate section. Ensure that you accurately report this income to avoid discrepancies with the IRS.

Payment settlement entities must file Form 1099-K with the IRS by January 31st following the tax year. 

Yes, Form 1099-K can be filed electronically. Electronic filing is the preferred method and offers efficiency and security in submitting this information to the IRS. You can try IRS-approved eFiling service providers like Tax1099.

eFiling Form 1099-K with Tax1099 is a simple and efficient 3-step process:

Step 1: Create Your Account 

Step 2: Validate Your Data

Step 3: eFile Your Form

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