Tax season is officially underway, and if you’ve been waiting on a 1099-K to file, listen up. A lot of taxpayers who’d expected to receive a 1099-K won’t be getting one. That’s because the IRS decided to delay rolling out this new tax reporting requirement.
Originally set to kick off at the beginning of 2022, the IRS planned to implement a new reporting rule that would require third party payment apps, like PayPal, Venmo, Cash App or Zelle, to report income earning over $600 or more per year to the tax agency.
