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Trijicon sent me a 1099 for a Tenmile scope I got free with rebate
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<blockquote data-quote="Weaver93" data-source="post: 3031925" data-attributes="member: 120245"><p>I get one on the stuff I sell through PP, that's why I try not to use.</p><p></p><p>[h3]<strong>What is the 2023 Form 1099-K IRS tax reporting threshold on PayPal?</strong>[/h3]<p>The IRS has <a href="https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation" target="_blank">recently announced</a> an additional delay in implementing the new $600 USD reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions). This means that similar to prior years, PayPal and Venmo will continue to follow these IRS reporting thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer who was subject to backup withholding during 2023, regardless of total payments for the year. In the case where an individual state has a lower threshold, PayPal and Venmo will report accordingly.</p><p></p><p>If you live in the following US states, you're subject to a lower reporting threshold:</p><p></p><ul> <li data-xf-list-type="ul">Vermont, Massachusetts,<strong> Virginia</strong>, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year, regardless of the number of transactions.</li> <li data-xf-list-type="ul">Illinois: over $1,000 USD in gross payment volume from sales of goods or services in a single calendar year and four or more separate transactions.</li> </ul><p>The Form 1099-K that you receive is based on your primary address on the last day of the previous tax year. If you changed your primary address to one of these states after that date, your account activity would be captured in Form 1099-K reporting for the following tax year.</p></blockquote><p></p>
[QUOTE="Weaver93, post: 3031925, member: 120245"] I get one on the stuff I sell through PP, that's why I try not to use. [H3][B]What is the 2023 Form 1099-K IRS tax reporting threshold on PayPal?[/B][/H3] The IRS has [URL='https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation']recently announced[/URL] an additional delay in implementing the new $600 USD reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions). This means that similar to prior years, PayPal and Venmo will continue to follow these IRS reporting thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer who was subject to backup withholding during 2023, regardless of total payments for the year. In the case where an individual state has a lower threshold, PayPal and Venmo will report accordingly. If you live in the following US states, you're subject to a lower reporting threshold: [LIST] [*]Vermont, Massachusetts,[B] Virginia[/B], Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year, regardless of the number of transactions. [*]Illinois: over $1,000 USD in gross payment volume from sales of goods or services in a single calendar year and four or more separate transactions. [/LIST] The Form 1099-K that you receive is based on your primary address on the last day of the previous tax year. If you changed your primary address to one of these states after that date, your account activity would be captured in Form 1099-K reporting for the following tax year. [/QUOTE]
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Trijicon sent me a 1099 for a Tenmile scope I got free with rebate
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