Introduction to the IRS’s 1099-K Reporting Change
The IRS’s 1099-K reporting change has encountered some obstacles, leaving freelancers with numerous uncertainties. Originally set to take effect in 2022, the implementation of the new reporting rule has been repeatedly postponed. This delay gives payment platforms, such as PayPal and Venmo, more time to prepare for the complexities of distinguishing between taxable and nontaxable transactions. In this article, we will explore the details of this reporting change, its implications for freelancers, and what to expect when filing taxes in 2023.
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