The IRS issued an announcement on December 23, 2022 that caused a massive sigh of relief from third-party settlement organizations everywhere (as well as from tax preparers and small businesses): A planned increase in reporting requirements for Form 1099-K was delayed from 2022 to 2023. For a little background, the IRS defines a third-party settlement organization (TSPO) as an organization that facilitates payments, usually to merchants, through a third party network. These include auction-payment facilitators (think PayPal) or other merchant services providers (think American Express, Visa or other organizations that process credit card payments to businesses). Prior to the American [...]
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