The Internal Revenue Service is delaying the new $600 reporting threshold for 1099-K tax forms, a move many tax experts believe will help avoid potential chaos this upcoming filing season.

The updated law, enacted by the American Rescue Plan, required third-party transaction networks such as Venmo, Paypal, eBay, and Etsy to issue a 1099-K for users who had more than $600 in payment transactions during the year. The previous threshold was $20,000 with over 200 transactions.

https://finance.yahoo.com/news/irs-ditches-new-tax-requirement-that-would-have-caused-lots-of-confusion-160527007.html