On December 28, 2022, the IRS updated the frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2022-41:
https://www.irs.gov/pub/taxpros/fs-2022-41.pdf
Updates were made to the following sections of the FAQs:
– Definitions
– General information
– Individuals
Notably, these FAQs define what qualifies as a payment card and outlines what characterizes a third party payment network.
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