IRS Delays Controversial Rule Change

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Acting IRS Commissioner Doug O’Donnell announced that the IRS will delay by one year the controversial new rule which would require anyone who earned more than $600 through platforms such as PayPal, Etsy, Venmo, Airbnb, eBay, and others to report all such transactions via a 1099-K form. Previously the rule only applied to those who earned more than $20,000 or had more than 200 transactions in a year. “The additional time will help reduce confusion during the coming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements,” O’Donnell said.