Delay of New 1099-K Reporting

Delay of New 1099-K Reporting

New laws passed in 2021 require third-party settlement networks such as PayPal, Amazon, eBay, Square, or Venmo to issue Form 1099-Ks to payees who are paid over $600 a year for goods and services. These new requirements were to take effect in 2022 for the filing of 2022 tax returns. However, this requirement has been delayed and 1099-K forms for 2023 will be sent out in 2024 and will be reported on your 2023 tax return…