Taxpayers who use apps and online marketplaces such as Venmo, PayPal, eBay, Etsy, or Cash App to accept payments for selling goods or providing services don’t have to worry about the new $600 reporting requirement for 2023. The IRS has announced that it would delay the implementation of the new law that requires third-party settlement organizations (TPSOs) to send a Form 1099-K to anyone who receives more than $600 in a year. The new law is expected to be in effect for 2024.
