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Confusion Still Expected After Delay of Lower 1099-K Threshold

Jan. 19, 2023, 9:45 AM

The IRS issued a one-year delay of the requirement for e-commerce companies to issue tax forms to customers with business transactions above $600, but tax professionals expect there will still be confusion around the forms during the filing season.

The delay of the $600 threshold for 1099-K forms was sought by members of Congress as well as third-party settlement companies whose customers would be affected, such as Paypal Inc. and eBay Inc. For the upcoming filing season companies will only need to send the forms to the IRS and taxpayers if a customer had more than $20,000 in ...