IRS Delays 1099-K Requirements
After urging from U.S. Sen. Jon Tester, D-Mont., the Internal Revenue Service has delayed implementation of its 1099-K reporting requirement that unnecessarily burdens individual taxpayers using online payment platforms for one year.
“I will always stand up to my own party when they are wrong, and today’s news is a big win for Montanans and small businesses,” Tester said. “I repeatedly raised concerns with the IRS’s new reporting requirement and voted against all of my Democratic colleagues in favor of blocking it going into effect. The IRS should be focused on holding millionaires and massive corporations accountable, not wasting time on unnecessary requirements that confuse hardworking Montanans or small businesses.”
The IRS’s decision comes after repeated efforts from Tester to block implementation of the rule. Today, the U.S. Department of Treasury announced the change will not take effect until taxpayers file taxes in 2024. Prior to Tester’s push the IRS would’ve mandated the reporting of payments over $600 on online payment platforms.
