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March 22, 2023

IRS updates and adds to Form 1099-K FAQs

The IRS has revised its frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2023-06. Specifically, FAQs 3 and 5 have been updated, and new FAQs 6 and 7 have been added. The IRS also provides information on FAQ reliance.

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor