The IRS has delayed new 1099-K reporting rules that would require third-party payment processors to issue forms for transactions over $600. Instead, for 2023, the previous threshold of $20,000 and 200 transactions remains in place. In 2024, the threshold will be phased in at $5,000, with the full $600 rule postponed until at least 2025. This delay prevents confusion over non-taxable payments like personal reimbursements.

As of January 1, 2024, buyers of electric (EV), plug-in hybrid (PHEV), and fuel-cell vehicles can transfer the Clean Vehicle Credit to dealerships at the time of purchase for an immediate discount. The credit is worth up to $7,500 for new vehicles and $4,000 for used vehicles, but eligibility depends on income limits and vehicle qualifications. Check eligible vehicles here: FuelEconomy.gov.

January 10: Employees who earned $20+ in tips in December must report them to employers. January 16: Farmers and fishermen must pay their 2023 estimated tax unless filing by March 1, 2024. January 31: Form 1099-NEC for nonemployee compensation must be filed. Individuals who missed the January 16 estimated tax deadline may file their 2023 return by January 31 to avoid penalties.