IRS Offers Up a Breather With Form 1099-K Tax Reporting Delay

Christmas came early this year for many taxpayers and tax professionals. Just before the holiday, the IRS announced that it would delay the revised controversial reporting requirement for third-party settlement organizations. That means that many who were worried about the potential onslaught of Forms 1099-K are getting a reprieve. Here’s what you need to know.

The delay does not change individual tax obligations.

The initial change in the law applies to third-party reporting, not your individual tax obligations. It has always been the case that you must report your taxable income, whether it is payable to you in cash, on ...