Please be advised that this delay of the implementation of the new reporting requirements under the American Rescue Plan of 2021 does not impact the requirement to issue a Form 1099-K for payments in settlement of third-party network transactions to app-based drivers. IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K.

Accordingly, for taxable year 2022 transactions, information return reporters should file with the FTB the same Form 1099-K that they file with the IRS, unless the Form 1099-K is issued for payment in settlement of third-party network transactions to an app-based driver.įor more information, please visit the IRS website: Information return reporters are required to file with the FTB certain information returns, including Form 1099-K, that they are required to file with the IRS. New IRS guidance states that, “s a result of the delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan Act of 2021.” On December 23, 2022, the Internal Revenue Service announced a delay in implementation of the $600 reporting thresholds for third-party settlement organizations.

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