Freelancers and gig workers can expect more guidance in the coming weeks for their transactions on e-commerce platforms, IRS Commissioner Danny Werfel said Thursday.
E-commerce platforms, like Venmo, eBay, and Paypal, are required to send 1099-K forms to taxpayers that fall within a certain threshold. The 2021 Covid relief bill cut the threshold to $600 from $20,000, which was originally supposed to start for tax year 2022. But the IRS created a transition period pushing the date to the 2023 tax year.
“If you are splitting a check at dinner, the law is not intended to cover you,” Werfel said ...
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