1099-K forms will be due by January 31, 2025 for the 2024 calendar year (with the
planned phase in amount of $5,000 as the new threshold, followed by $2,500 for 2025
calendar year and for 2026 revert back to the originally planned threshold of $600 and more).
With these changes, there is an expectation there may be some errors in reporting or
confusion on the part of the taxpayers that will need addressed, so this is a great
opportunity for us to do so. Remember, the 1099-K reporting only applies to money
received for goods and services, and shouldn’t apply to payments from family and
friends, but it may still generate a form if incorrectly indicated for the third-party network.
There are recommendations and guidance from the IRS on what to do if a 1099-K form
is received in error, how these should be reported on the 1040 on the IRS site, for
selling personal items to reporting incorrectly issued forms, and a variety of other
answers at: https://www.irs.gov/businesses/understanding-your-form-1099-k