{"id":46671,"date":"2023-01-18T12:04:40","date_gmt":"2023-01-18T17:04:40","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46671"},"modified":"2023-01-18T12:04:40","modified_gmt":"2023-01-18T17:04:40","slug":"irs-reporting-change-delayed-until-2023","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/irs-reporting-change-delayed-until-2023\/","title":{"rendered":"IRS Reporting Change Delayed Until 2023"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\r\n<figure class=\"wp-block-image size-full\"><img class=\"wp-image-46672 size-full aligncenter\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/01\/ARF-Blog-01222023.jpg\" alt=\"IRS Reporting Change Delayed Until 2023\" width=\"920\" height=\"420\" srcset=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/01\/ARF-Blog-01222023.jpg 920w, https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/01\/ARF-Blog-01222023-300x137.jpg 300w, https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/01\/ARF-Blog-01222023-768x351.jpg 768w\" sizes=\"(max-width: 920px) 100vw, 920px\" \/><\/figure>\r\n\r\n<p>When passed in 2021, the <a href=\"https:\/\/www.whitehouse.gov\/american-rescue-plan\/\" class=\"broken_link\">American Rescue Plan<\/a> introduced a revision to its reporting threshold for third-party settlement organizations (TPSOs) that was set to take effect for this tax filing season. Currently, TPSOs like Paypal and Venmo are not on the hook for reporting third-party network transactions unless the reporting amount is greater than $20,000 and the number of transactions with that payee is greater than 200. The American Rescue Plan lowered that reporting threshold for TPSOs to $600\u2013which left small business owners and their accounting teams scrambling. The provision didn\u2019t give businesses a lot of time to prepare for these unexpected new tax rules and forms. There was fear among business owners that they\u2019d make reporting errors that could trigger IRS audits.<\/p>\r\n<p>The one-year delay comes as welcome news to business owners and TPSOs. TPSOs will now have to report transactions greater than $600 that happen <em>after <\/em>the 2022 calendar year. According to the IRS <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k\">website<\/a>, \u201cThe transition period is intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting. A participating payee, in the case of a third-party network transaction, is any person who accepts payment from a third-party settlement organization for a business transaction.\u201d<\/p>\r\n<p>Now that it\u2019s 2023, it\u2019s more important than ever for small businesses to stay on top of their books. When the 2023 tax filing season rolls around in a year, they\u2019ll need to be prepared for an increase in the amount of Form 1099-Ks they will be receiving. For those unfamiliar with this particular tax form, a <a href=\"https:\/\/www.irs.gov\/businesses\/understanding-your-form-1099-k\">Form 1099-K<\/a> \u201cincludes the gross amount of all payment transactions. You may receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third-party network transaction. A third party network transaction may include a payment through a payment app.\u201d If you are a small business owner that utilizes third-party apps to do business, expect a lot more of these forms to be coming your way next year. Maintaining up-to-date records of your transactions now is critical in making sure your business earnings are appropriately tracked so you can pay the right amount of taxes come next year.<\/p>\r\n<p>At ARF Financial, we always have our ears to the ground on the latest information for small business owners\u2013especially when it comes to finances. Stop back to the <a href=\"https:\/\/www.arffinancial.com\/development\/blog\/?urlsource=blog\">Financial Pantry<\/a> every week for more news and advice on how to make your business a success in 2023 and beyond.<\/p>\r\n<!-- \/wp:post-content -->\r\n<p>&nbsp;<\/p>\r\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] When passed in 2021, the American Rescue Plan introduced&#8230;<\/p>\n","protected":false},"author":5,"featured_media":46672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[956,698],"tags":[398,402,1048,400,399,443,386,535,220,1047,213,944,943,401,224,222,172,226,142],"class_list":{"0":"post-46671","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal","8":"category-small-business-financing","9":"tag-affordable-business-loans","10":"tag-affordable-small-business-growth","11":"tag-american-rescue-plan","12":"tag-business-expansion","13":"tag-business-growth","14":"tag-business-line-of-credit","15":"tag-business-loans","16":"tag-equipment-leasing","17":"tag-flex-pay-loans","18":"tag-irs-reporting-change-delayed-until-2023","19":"tag-line-of-credit","20":"tag-marketing","21":"tag-operations","22":"tag-small-business-expansion","23":"tag-small-business-financing","24":"tag-small-business-funding","25":"tag-small-business-growth","26":"tag-small-business-loans","27":"tag-working-capital"},"acf":[],"yoast_head":"<!-- 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