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The IRS has changed its requirements for receiving Form 1099-K from payment apps several times in the past two years. The result is confusion not only for the potential recipient but also for the payer.
Many Americans have side hustles or sell goods from their hobbies online. How many of these will need a 1099-K? What is 1099-K, and what are the rules regarding it?
Who Receives a 1099-K Form?
According to the IRS, a 1099-K form is an informational report of goods and services sold during the year through payment apps or online marketplaces. These online platforms are also called third-party settlement organizations (TPSOs).
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.
