The IRS issued a fact sheet on Oct. 23, announcing changes made to the FAQ section in Form 1099-K based on amendments made under the One Big Beautiful Bill Act, the agency said in a statement released on Thursday.
Form 1099-K is applicable to individuals who engage in gig work or casually sell goods online. Third-party settlement organizations (TPSOs), including online marketplaces such as Amazon and eBay, and payment apps like PayPal and Venmo, are required to prepare the form and send copies to the IRS and the taxpayer. The form details the payment amounts received by the taxpayer from the sale of goods and services.
