IRS delays implementation of tax policy change being fought by marketplace companies
The Internal Revenue Service is delaying by one year the implementation of a tax policy change that was being fought by online marketplace companies and payment platforms. The change was due to go into effect in the upcoming tax-filing season and was sparking fears of mass confusion among casual online sellers and a potential avalanche of new tax reporting paperwork. The revision to the tax code was included in President Bidenâs American Rescue Plan Act of 2021. Previously, users of such sites as eBay, Etsy, PayPal, Venmo and others received a 1099-K tax reporting form for goods and services sold only… Read More