IRS postpones digital payment rule change

CNN– For a second year in a row, the IRS has postponed a rule change for filers who receive business income through third-party platforms like Venmo, Cash App, Esty, and Airbnb.

It cited concerns over potential taxpayer confusion and the need to make it easier for all parties to comply with the change.

It could have added 44 million more 1099K forms being sent in January to small business owners.

The rule change will eventually require third-party platforms to issue a 1099K to those who made more than $6 hundred dollars in business income over one or more business transactions.