As of December 23, 2022 the IRS has delayed new $600 limit to Tax Year 2023. See IR-2022-226 for more information. The pre-existing rules are still in place. For tax year 2022, taxpayers will receive Form 1099-K if they receive over $20,000 through third-party network transactions and have over 200 transactions.
New Third-Party Network Transactions (1099-K) Reporting Requirements
Beginning with tax year 2023, individuals who receive $600 or more through a third party network transaction will receive Form 1099-K (this was intended to be 2022 but IRS has delayed to tax year 2023)
This includes apps such as Venmo, Uber, Lyft, Cash App, Zelle, PayPal, E-bay, etc.
Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services
If amounts on Form 1099-K are incorrect the taxpayer should contact the issuer