Delay of 1099k Forms in 2023

The most controversial tax change for 2022 was delayed another year in a last-minute decision by the IRS.

The original rule required all payment app vendors like Venmo, PayPal, etc. to issue a 1099K to any person who received collectively more than $600 during the year. This potentially would include personal payments unless the payment app had a way to identify the payment as an exchange of funds between friends. Even though the requirement is delayed, some of the apps may still issue the forms.