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IRS updated the frequently asked questions (FAQs)

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:

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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