IRS postpones gig-tax filing requirement for more than $600 in revenue, WSJ says

The Internal Revenue Service has delayed the implementation of a law that requires e-commerce platforms, such as eBay (EBAY), Etsy (ETSY), and Airbnb (ABNB), to provide the agency with information on users with more than $600 in revenue, the Wall Street Journal’s Laura Saunders and Richard Rubin reports. The postponement means the platforms won’t be required to send sellers and the IRS a blizzard of 1099-K tax forms early in 2023, and it gives opponents of the $600 threshold additional time to push for an update in the law next year, the authors note. "The additional time will help reduce confusion during the coming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements," said Acting IRS Commissioner Doug O’Donnell. Other companies in the so-called "gig economy" include Uber (UBER), Lyft (LYFT), and DoorDash (DASH). Reference Link