Hello Class,"What do I need to know before I file my taxes"1099-K Reporting:1099-K reporting requirements did not change for tax year 2023 but changes are being planned for 2024. After receiving feedback from tax payers, tax professionals, and payment processors the IRS released a notice announcing a delay of the $600 reporting threshold for tax year 2023 but is planning a threshold of $5,000 for 2024 to phase in the new law.For 2023 and previous years payment apps and online marketplaces were only required to send out 1099-K Forms when taxpayers received over $20,000 and had over 200 transactions but companies could still issue the form for any amount if they wanted to. It is important to note that all income no matter the amount is still taxable unless excluded by law and it doesn't matter whether the 1099-K form was sent out or not.The individuals and businesses who would receive a 1099-K Form would be anyone who accepts money for selling goods or services through online marketplaces or payment applications. This covers side giggers, small company owners, artisans, and other sole proprietors. Although it is important to note that losing money on sales is not considered taxable income and since many individuals who met the $600 level would have received numerous 1099-K Forms the IRS delayed the lower threshold amount. The additional year will provide time for payment apps and online marketplaces to update their operations to make it easier for taxpayers to report