What happened to those dreaded 1099 forms we were going to receive from Paypal?


So, who received a 1099 form from Paypal that everyone was dreading and caused so many to change how they would receive payment? I'm quite curious as I didn't receive one. Didn't know what topic to use so I chose the one with most traffic.

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Where did you find that info?

I decided to do a search and found that CNBC on Dec.16 2022 reported this was still happening and on Jan. 4 2023 Keepertax.com reported that you "may" receive a 1099-k from Paypal for 2022.  Also, that it's only for $20,000 plus in revenue on Paypal., changed from the original $600 revenue amount. They obviously figured out the absurdity.

Plus I don't understand the fear as sales here are generally at a loss and only profit can be taxed. Seems like a target at retail sales done, not the common consumer selling a used piece of equipment. 

The IRS is now going after the lowest paid people in the service industry.

 

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