The IRS said it would return to prior thresholds where e-commerce platforms would only be required to send 1099-K forms to entities that earned $20,000 in payments from over 200 transactions in 2022. What is the limit for 1099-K reporting in 2022? It just means that there isn't as much oversight into how much money they owe in taxes. That doesn't mean that people who earn at least $600 from e-commerce platforms can avoid paying taxes as they are still required to report all taxable income to the IRS. "To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes," acting IRS Commissioner Doug O'Donnell said in a statement published Friday. 2023 was going to be the first year in which people who earned at least $600 from online platforms like eBay, Etsy, Venmo and CashApp were going to receive 1099-K income tax forms.īut right before Christmas, the Internal Revenue Service announced it would delay the rule until next year.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |