IRS Delays Implementatiion of Form 1099-K for E-Commerce Platforms by One Year - WSJ

[Victor Roberts]

The Internal Revenue Service on Friday gave millions of Americans a
one-year reprieve on new tax-reporting requirements, delaying
implementation of a law that requires e-commerce platforms such as
eBay, Etsy and Airbnb to give the tax agency information on users with
more than $600 in revenue.

https://www.wsj.com/articles/irs-delays-gig-tax-filing-rule-for-side-hustles-of-more-than-600-11671815725?mod=e2tw

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[Adam H. Kerman]

Victor Roberts <vicro...@earthlink.net> wrote:

>The Internal Revenue Service on Friday gave millions of Americans a
>one-year reprieve on new tax-reporting requirements, delaying
>implementation of a law that requires e-commerce platforms such as
>eBay, Etsy and Airbnb to give the tax agency information on users with
>more than $600 in revenue.

>https://www.wsj.com/articles/irs-delays-gig-tax-filing-rule-for-side-hustles-of-more-than-600-11671815725?mod=e2tw

I don't have a subscription to be able to read that.

Here's the IRS news release:

IRS announces delay for implementation of $600 reporting threshold for
third-party payment platforms' Forms 1099-K
https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k

and Notice 2023-10
Revised Timeline Regarding Implementation of Amended Section 6050W(e)
https://www.irs.gov/pub/irs-drop/n-2023-10.pdf

[Richard Di Bernardo, CPA]

On Saturday, December 24, 2022 at 6:43:36 AM UTC-8, Adam H. Kerman wrote:
> Victor Roberts <vicro...@earthlink.net> wrote:
>
> >The Internal Revenue Service on Friday gave millions of Americans a
> >one-year reprieve on new tax-reporting requirements, delaying
> >implementation of a law that requires e-commerce platforms such as
> >eBay, Etsy and Airbnb to give the tax agency information on users with
> >more than $600 in revenue.
>
> >https://www.wsj.com/articles/irs-delays-gig-tax-filing-rule-for-side-hustles-of-more-than-600-11671815725?mod=e2tw
> I don't have a subscription to be able to read that.
>
> Here's the IRS news release:
>
> IRS announces delay for implementation of $600 reporting threshold for
> third-party payment platforms' Forms 1099-K
> https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k
>
> and Notice 2023-10
> Revised Timeline Regarding Implementation of Amended Section 6050W(e)
> https://www.irs.gov/pub/irs-drop/n-2023-10.pdf

Good thing the IRS suspended the reporting. This spared a lot of young girls in Florida, Georgia, Louisiana, etc... much confusion. Some of the girls that they would have to prepare a Schedule C for the payments they received from Matt Gaetz.