USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change
 

The COVID relief bill that passed in the US reduced the reporting threshold for the IRS 1099K from $20,000 and 200 transactions per year to $600 per year if you use an electronic payment system like PayPal. Even if you are just keeping and breeding as a hobby SAVE YOUR RECEIPTS so you can offset that 1099K with your expenses.

https://www.twrblog.com/2021/03/amer...mis-threshold/

https://www.ecommercebytes.com/C/abb...615153514.html

Am I reading this correctly that it doesn't take effect until next year? I save all receipts of transactions regardless, just wanting to make sure I am following it correctly.

Yes this year the thresholds are still $20,000 and 200 transactions.

Reminder - the law changes in one week!
https://www.taxjar.com/blog/2021-11-...rting-for-2022

Learn your Schedule C and Schedule SE tax forms ladies and gents.

IRS is going bye bye...save yourself the aggravation.
its all gonna change. research is the only way.

also dump PayPal..junk

The implementation of the reporting rule has been delayed for a year. So, the threshold of $20,000 and 200 transactions remains in effect for tax year 2022. The $600 and one transaction threshold applies to tax year 2023.

https://www.irs.gov/newsroom/irs-ann...s-forms-1099-k

I SERIOUSLY doubt that will happen. Why in the world would the government get rid of their major source of income and control? At best, all that would happen is that the name would change to something pink and fluffy sounding.

And a widely used and convenient online payment utility compatible with existing website scripts you would recommend would be ______________________ ?