IRS $600-Reporting Threshold — Update — IRS Update — December 23, 2023 -- First Posted January 23, 2023

Updates

January 29, 2023: tea leaves -- the $600 Form 1099-K is dead. 

January 24, 2023: Forbes weighs in. Adds nothing new to the conversation. For me, this is much ado about nothing. The IRS memo is very, very clear. Both CNN and Forbes have only added to the confusion; the IRS did not add to the confusion. On the other hand, taxpayeradvocate is very, very, clear.

Original Post 

In case you missed it: https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k.

CNN’s interpretation here: https://www.cnn.com/2022/12/23/investing/irs-delays-threshold-increase-for-business-transactions/index.html.

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Personal Note For The Family

I am now fully vaxxed, with one exception. I still need a tetanus shot -- one of those shots recommended to be taken every ten years.

Covid: two primary and two boosters.

"Seasonal flu": yes. First time I've taken the "seasonal flu" shot since 2006, my last full year in the US Air Force. 

Shingles: this was the big one. It's a two-series primary series and I had put it off for almost ten years, but finally got it done. Second one last Friday. They say the second shingles shot is the "worst" of them all. The first is generally no problem but if one is going to have a problem with the shingles shot, it will be the second one. The pharmacist recommended drinking lots of water, to maintain normal amount of activity, and take "Tylenol" every four to six hours, all of which I did. I had a really sore / stiff arm for the first twelve hours and then generalized musculoskeletal discomfort for 36  hours but by 72 hours, completely pain-free, even at the site of injection.

Tetanus: that leaves only Tetanus. Probably in late February.