The IRS is warning taxpayers who like to file their tax returns in late January or early February to wait until later in 2023, and here’s why.
“Now a single transaction exceeding $600 can require the third party platform to issue a 1099-K,” thesaid. “Money received through third party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable.”
The deadline for companies to send the 1099-K form is Jan. 31, 2023. Hence, experts like Albert Campo, a certified public accountant, recommend taxpayers file in late February or early March 2023, theThe timeframe allows any misdirection or slowness with mail to be corrected before taxpayers file. Also, if someone moved then it’s possible the 1099-K was sent to the old address.
“A little extra caution could save people additional time and effort related to filing an amended tax return,” the agency . “And if they have untaxed income on a Form 1099 that isn’t reflected on the tax return they initially file, that could mean they need to submit a tax payment with an amended tax return.”
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