The IRS has reversed the requirement for Paypal, Venmo, CashApp, etc. to report if you receive more than $600 – for now. Now it starts in 2023. It was just about this time last year we told you how the IRS was requiring Paypal, Venmo, CashApp, Zelle, and other cash payment apps (technically known as third-party settlement organizations, or TPSOs) to file a 1099 for you with the IRS if you received payments totaling more than $600 (it had been $20,000, so that’s quite a substantial drop). Now the IRS has said “Psych! It really starts next year.” So, once again, unless you took in $20,000 or more in 2022, Paypal et al is not required to file a 1099 with the IRS or to issue you a 1099 (nor likely will they).

If you are wondering “Where is my Google 1099”, well, you’re not alone in being unable to find your Google 1099. You probably got the same email from Google saying that “You can now find your 1099 for the tax year 2021 online” that has lots of people confused about where to find their Google Adsense 1099 form, because the link in the email from Google doesn’t go to the Google 1099! It goes to your account settings, not your Google 1099!

A new IRS reporting requirement reduces the amount to trigger reporting of payments made through online and mobile payment apps from $20,000 to $600 in a calendar year. Previously, under the tax law, you had to reach a $20,000 (twenty-thousand dollar) threshold before Paypal and other payment services were required to issue you a 1099-K. Now if you run more than $600 through Paypal, Venmo, Cash App, Zelle, or any other payment service, that service is required to issue you the 1099-K, which of course is also provided to the Internal Revenue Service (IRS).

An issue with the 2014 version of Quickbooks 1099 creation module has led to the under-reporting of some 1099 payments (and so 1099 income on the 1099 recipient’s side).