IRS Delays Reporting Rules for Side Hustles, Ticket Resales, and Payment Apps
The IRS has announced a delay in implementing new requirements for third-party payment platforms to issue 1099-K forms for tax year 2023. The new rules, which were intended to encourage compliance for gig workers and others, would have required platforms like Ticketmaster and StubHub to issue 1099-K forms to individuals and the IRS. Additionally, the IRS has revealed a new $5,000 threshold for 2024 to phase in the law, allowing for more time to address administrative challenges and educate taxpayers. The $600 threshold for reporting goods and services sold will be delayed until future years.