MicrostockGroup
Microstock Photography Forum - General => General Photography Discussion => Topic started by: Schadenfreude on December 27, 2022, 11:28
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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