zelle 600 tax 2023 | BTCC Knowledge

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When does tax reporting change for Zelle transactions?

Changes to the tax reporting law become effective January 1, 2023 for transactions paid in 2022 that exceed $600. Are Zelle transaction subject to tax reporting?

Is Zelle tax deductible?

Long story short: Zelle’s setup, which uses direct bank-to-bank transactions, is not subject to the IRS’s 1099-K reporting rules. Other peer-to-peer payment apps are considered “third-party settlement organizations” and are bound by stricter tax rules So, should you switch to Zelle? That depends on you and your needs.

What is the IRS Notice 2023-74?

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.

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