1099 E-Filing Threshold Adjustment for 2024:
The e-filing threshold has been lowered from 250 or more returns to 10 or more aggregate returns. This change is applicable for returns filed on or after January 1, 2025.
Delayed Form 1099-K Threshold for 2024:
The anticipated change requiring third-party network transactions (e.g., PayPal, Venmo, Cash App) to file Form 1099-K if transactions exceeded $600 has been delayed. The reporting threshold remains at $20,000 with 200 or more transactions.
Form 1099-NEC and 1099-MISC Changes for 2024:
No major changes have been made to Form 1099-NEC and 1099-MISC for the 2024 tax year. However, it is important to note that penalties for these forms have increased. Check out the recent changes in 1099 penalties for the 2024 tax year.
Form 1099-PATR Updates for 2024:
Form 1099-PATR has undergone updates, including changes to Continuous Use and instructions removing references to specific years. Additionally, Box 12 now includes information on the sustainable aviation fuel mixture credit.