The IRS has issued a one-year delay for the 1099-K tax reporting change, applying to business transfers over $600. Here’s what taxpayers need to know.
Tax professionals and consumers are likely to cheer the delay, which means the pre-2022 threshold of $20,000 for more than 200 transactions applies for now.
If you’ve received payments via third-party networks such as Venmo or PayPal, you may get a Form 1099-K. Here’s how to prepare and reduce your tax liability.
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