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LEGISLATIVE DEVELOPMENTS

IRS Extends Transition Period for Form 1099-K Reporting Threshold
Notice 2024-85
Form 1099-K reporting threshold for third party settlement organizations will be $5,000 for calendar year 2024 and $2,500 for calendar year 2025.
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LEGISLATIVE DEVELOPMENTS

IRS releases final crypto reporting regulations
Legislative Update
On June 28, 2024, the IRS released final regulations, including two notices and a related revenue procedure.
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LEGISLATIVE DEVELOPMENTS

Legislative Developments
IRS releases updated Draft 1099-DA
On August 8, 2024 the IRS released and updated draft 1099-DA for Tax Year 2024.
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