Quote:
Originally Posted by Socratic Monologue
Just to clarify: gross income from, for example, breeding and selling animals is still required to be reported on the taxpayer's tax reports for 2022. What is not required is that third party payment processors report annual sales transactions under $20,000. Do I have that right?
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Correct. Also you need to report gross income and expenses, not just gross income.
I strongly suspect the delay is because the IRS simply was not prepared to receive and process the sheer volume of 1099-K forms that result from the change, and tax advisors haven't figured out yet how to properly handle them. I've seen multiple scenarios from different CPA's.