• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About Us
    • Contact Us
    • Get Sports Collectors Daily via EMail
    • Advertise with SC Daily
    • Write for Sports Collectors Daily
    • Write About Your Sports Collection
    • Where Can I Sell My Baseball Cards?
  • Hot on eBay
    • Most Watched Graded Rookies
    • Most Watched PSA 10 Cards
    • Most Watched BGS, BVG Cards
    • Most Watched SGC Cards
    • Most Watched CSG,CGC Cards
    • Most Watched Baseball Cards
      • Most Watched 2023 Baseball Cards
      • Most Watched 2022 Baseball Rookie Cards
      • Bowman Chrome Cards
      • Ronald Acuna Jr. Cards
      • Shohei Ohtani Cards
      • Mike Trout Cards
      • Fernando Tatis Jr. Cards
      • Babe Ruth Cards
      • Hank Aaron Cards
      • Jackie Robinson Cards:
      • Mickey Mantle Cards
      • Willie Mays Cards
      • Vintage Baseball Card Sets
      • T206 Cards
    • Most Watched Basketball
      • Top 100 Most Watched Basketball Rookie Cards
      • 100 Hottest 2022-23 NBA Rookie Cards
      • 100 Hottest 2021-22 NBA Rookie Cards
      • 100 Hottest 2020-21 NBA Rookie Cards
      • 100 Hottest 2019-20 NBA Rookie Cards
        • Zion Williamson Rookie Cards
        • Ja Morant Rookie Cards
      • Michael Jordan Cards
      • Kobe Bryant Cards
      • LeBron James Rookie Cards
      • Nikola Jokic Rookie Cards
      • Giannis Antetokounmpo Cards
      • Luka Doncic Rookie Cards
      • Prizm Basketball Cards
      • Panini National Treasures
    • Most Watched Football Cards
      • Most Watched NFL Rookie Cards
      • 2022 NFL Rookie Cards
        • Brock Purdy Rookie Cards
      • 2021 NFL Rookie Cards
      • 2020 NFL Rookie Cards
        • Joe Burrow Rookie Cards
        • Justin Herbert Rookie Cards
        • Jalen Hurts Rookie Cards
      • Josh Allen Rookie Cards
      • Patrick Mahomes Rookie Cards
      • Tom Brady Cards
    • Most Watched Hockey Cards
      • Top 100 Most Watched Hockey Rookie Cards
      • Most Watched 2021-22 NHL Rookie Cards
      • Most Watched 2020-21 Rookie Cards
      • Most Watched 2019-20 Rookie Cards
      • Connor McDavid Cards
      • Wayne Gretzky Cards
      • Bobby Orr Cards
    • Most Watched Soccer Cards
    • Most Watched UFC Cards
    • Most Watched Golf Cards
    • Most Watched 1 of 1 Cards
    • Most Watched Racing Cards
    • Top Sports Card Dealers on eBay
    • Most Watched Memorabilia
      • Vintage Sports Memorabilia
    • Vintage Sports Tickets, Stubs
    • Most Watched Autographs
  • Ending Soon on Ebay
    • Baseball Cards
    • Basketball Cards
    • Football Cards
    • Hockey Cards
    • Soccer Cards
    • Golf Cards
    • UFC Cards
  • Top - Ad

Sports Collectors Daily

Sports Collectors Daily

Sports collecting news - Sports cards and sports memorabilia industry news.

When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network. 

  • Sports Memorabilia News
  • Sports Card News
    • Modern Sports Card News
      • New Sports Card Release Calendar
      • Shop Talk
    • Vintage Sports Card News
      • Affordable Vintage Cards, Collectibles
      • Old Baseball Card Sets
      • Old Basketball Card Sets
      • Old Football Card Sets
      • Old Hockey Card Sets
      • Vintage Pack Facts
  • Business/Industry News
    • Sports Memorabilia Business News
    • Sports Memorabilia Industry News
  • Around The Hobby
    • Editor’s Blog
    • David Cycleback’s Identification and Authentication Advice
  • Popular Stories
  • Sell Your Cards
You are here: Home / Business/Industry News / Sports Memorabilia Industry News / IRS Delays Implementation of $600 Threshold for Third Party Payment Forms 1099-K

IRS Delays Implementation of $600 Threshold for Third Party Payment Forms 1099-K

December 26, 2022 By Rich Mueller

If you’ve taken in more than $600 from Paypal, Venmo or other third parties this year while selling cards or memorabilia, you won’t be getting a 1099-K form from the Internal Revenue Service after all.

The IRS has announced that it’s delaying the implementation of the new law until 2023. As a result of the delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower threshold.

taxesSome lawmakers, taxpayer advocacy groups and eBay had been fighting the measure, saying millions of taxpayers would unexpectedly be getting 1099-K forms and that the new idea could be a major headache for some businesses and the IRS itself.

“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.”

In previous years, it took more than 200 transactions or an aggregate amount of $20,000 to trigger a tax form from the IRS through those third parties.  The announcement of the delay means that will still be the case for 2022. 

The IRS calls it a “transition period” which is “intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting.”

Earlier this month,  the American Institute of CPAs indicated it had “deep concerns” about the lowering of the tax reporting threshold in a letter to the Senate Finance Committee and the House Ways and Means Committee. They suggested a threshold of $5,000 might be less drastic for tax preparers who had feared a major headache because of the number of clients who’d likely be receiving a form because of the lower amount.

“While a one- year delay is welcome news for millions of online sellers, Congress will need to permanently change the reporting requirements to prevent mass confusion and overreporting of income in the future,” eBay stated after the IRS announcement. “eBay will continue its work toward a permanent solution on behalf of the online selling community.”

  • Facebook
  • Twitter
  • Pinterest
  • Reddit
  • Facebook Messenger

Related Stories:

Buying, Selling, and Trading on Twitter StarStock Raises $1.3 Million in Seed Money from Kevin Durant, Other Investors Selling Your Sets, Part II: Picking the Right Auction Outlet How to Sell Your Trading Card Sets Part I: Have a Plan COMC Releases Details on eBay Auction Consignment Service eBay Acquires Terapeak; Will Offer Sellers More Data, Tools Creative Ways to Sell Modern Era Cards Beckett Accelerator Aimed at Helping Sellers Move Singles Easier

About Rich Mueller

Rich is the editor and founder of Sports Collectors Daily. A broadcaster and writer for over 40 years and a collector for even longer than that, he's usually typing something somewhere. Type him back at [email protected].

Filed Under: Popular Stories, Sports Memorabilia Industry News Tagged With: buying and selling, IRS, selling on ebay, selling sports cards, tax

Primary Sidebar

Our articles may contain affiliate links. When you click on links to merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network. 

Shop Sports Cards on Ebay
  • Football
  • Basketball
  • Baseball
  • Hockey

High End Cards and Memorabilia

  • BBCE Authenticated Boxes, Packs opens in a new window
  • Graded pre-War Card eBay Auctions
  • PWCC Premier Auction
  • PWCC Fixed Price Marketplace
  • Graded Rookie Cards on eBay opens in a new window
  • Authenticated Photos on eBay opens in a new window
  • Graded Tickets & Stubs opens in a new window

Bargain Corner

  • Michael Jordan cards $5 and less opens in a new window
  • Kobe Bryant cards $5 and less opens in a new window
  • Mickey Mantle Cards Under $150 opens in a new window
  • Graded T206 Cards Under $150 opens in a new window
  • Pre-War Cards Under $100 opens in a new window
  • Pre-1980 Graded Baseball Cards $10 and Less opens in a new window
  • Pre-1980 Graded Football Cards $10 and Less opens in a new window
  • Vintage Graded Basketball Cards $25 and less opens in a new window
  • Vintage Graded Hockey Cards $10 and Less opens in a new window
  • Complete Sets $20 and Less opens in a new window
  • Baseball Hall of Famers for $5 or Less opens in a new window
  • Football Hall of Famers for $5 or Less opens in a new window
  • Hobby Boxes Under $30 opens in a new window
  • Pre-1986 Rookie Cards Under $1 opens in a new window
  • Buy Boxes Directly from Topps opens in a new window

RSS Auction Report

  • Grey Flannel Auctions Accepting Consignments & Buying
  • Goldin 2023 Weekly Auctions
  • Steve Novella Offers PSA Baseball & Football Card Auction Ending October 3, 2023

Footer

Categories

  • Around the Hobby
  • Business/Industry News
    • Sports Memorabilia Business News
    • Sports Memorabilia Industry News
  • David Cycleback's Identification and Authentication Advice
  • Editor's Blog
  • Featured Articles
  • Hobby Shop Talk
  • National Sports Collectors Convention
  • Popular Stories
  • Rich Klein's Ramblings
  • Sports Card News
    • Modern Sports Card News
      • New Sports Card Release Calendar
    • Vintage Sports Card News
      • Old Baseball Card Sets
      • Old Basketball Card Sets
      • Old Football Card Sets
      • Old Hockey Card Sets
      • Vintage Pack Facts
  • Sports Memorabilia News
  • Uncategorized

Sponsor Links

  • Sports Card Forumopens in a new window
  • Buying Vintage Sports Cardsopens in a new window
  • Game Used Jerseysopens in a new window
  • Championship Rings For Saleopens in a new window
  • Vintage Basketball Cardsopens in a new window
  • NBA Signed Itemsopens in a new window
  • Autographed Baseballsopens in a new window
  • NASCAR Autographsopens in a new window
  • Vintage Graded Baseball Cardsopens in a new window
  • Player Picturesopens in a new window
  • Vintage Football Cardsopens in a new window
  • Sports Collectors Storeopens in a new window

Pages

Ending on eBay Soon
  • Baseball Card Auctions on eBay Ending Soon
  • Basketball Card Auctions on eBay Ending Soon
  • Football Card Auctions on eBay Ending Soon
  • Hockey Card Auctions Ending Soon on eBay
  • Vintage Sports Memorabilia on eBay Ending Soon
Top 100 on Ebay
  • Top 100 Most Watched Baseball Rookie Cards on eBay
  • Top 100 Most Watched Basketball Rookie Cards for Sale on eBay
  • Top 100 Most Watched Hockey Rookie Card Auctions
  • Top Authenticated Vintage Unopened Sports Card Boxes, Packs on eBay
Most Watched on eBay
  • 100 Most Watched Graded Rookie Cards for Sale on eBay
  • 100 Most Watched Tom Brady Card Auctions on eBay
  • 50 Hottest Hobby Boxes at Auction on eBay
  • 50 Most Watched Golf Trading Cards on eBay
  • 50 Most Watched Wrestling Trading Cards on eBay
  • 75 Most Watched Bowman Chrome Cards
  • Most Popular Bobbleheads on eBay
  • Most Watched 1/1 Cards on eBay
  • Most Watched Basketball Cards on eBay
  • Most Watched Complete Baseball Card Sets at Auction on eBay
  • Most Watched Football Cards on eBay
  • Most Watched Football Rookie Card Auctions
  • Most Watched Goudey Baseball Cards on eBay
  • Most Watched Hockey Cards on eBay
  • Most Watched Racing Cards on eBay
  • Most Watched Soccer Cards for Sale on eBay
  • Most Watched Sports Autographs on eBay
  • Most Watched Sports Jerseys on eBay
  • Most Watched Unopened Sports Card Boxes, Packs on eBay
  • Most Watched Vintage Sports Memorabilia on eBay
  • Hottest Panini National Treasures Cards on eBay
  • Hottest PSA 10 Cards for Sale on eBay
  • What’s Hot on eBay
Sports Memorabilia
  • Sports Card Bargain Bin
  • Sports Memorabilia Auctions Ending Soon on eBay
About Sports Collectors Daily
  • Advertise with SC Daily
  • Contact Us
  • Get Sports Collectors Daily via EMail
  • Privacy Policy
  • Terms and Conditions
Sell Your Cards
  • What’s It Worth
  • Where Can I Sell My Baseball Cards?

Copyright © 2023 SportsCollectorsDaily.com | Web Design by Wickam Groupopens in a new window