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IRS updated the frequently asked questions (FAQs)

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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This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

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