Breaking News from the Internal Revenue Service! The IRS announced that they’re delaying the implementation of the new 1099-K $600 reporting requirement for third party payment platforms such as Paypal, Ebay, Venmo, and Cash App.

This is huge news folks! This means that you don’t have to worry about the new $600 dollar 1099Ks for the upcoming tax season.

Keep in mind, this is simply postponed and not canceled. The IRS is using 2022 as a transition year, but it does still go into effect for tax year 2023, for now.

Just to recap, it is not eliminated, only postponed for another year. So, for 2023, the 1099K $600 reporting threshold would be in effect.

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Do you have questions about IRS Delays Implementing New $600 Reporting for 1099-K? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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