IRS delays $600 reporting requirement
1 more year of the OLD rules for 3rd party payment reporting. Back to 2021 rules...
For EACH 3rd party service you have to have BOTH $20,000 in payments AND 200 transactions. Remember RETURNS don't count and don't reduce either number. At least this is better than $600 in transactions with even just 1 transaction. Of course we know why this is. A one year delay probably so they could get the 87,000 new agents in place to enforce. Spread the word because the way I saw it most people did not even know this was hidden in the 2021 America Recovery Act because most people are not paying attention and as a famous person once said "You have to read it to know whats in it".
Many people were going to be shocked when they got 1 or more 1099-K forms in the mail this January. Spread the word. A real Bummer for some people. They are not looking to the mega rich with all the lawyers and accountants to increase revenue.
This is NOT a political Rant. It is all Fact and information for all in our hobby. Be aware and start keeping records for 2023, What each item you sell COST, the shipping charges, mileage to and from shipping centers, packing supplies etc etc etc. Have to treat it like a regular business now. No exceptions for calling it a hobby.
Merry CHRISTmas everyone.
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