If you don’t receive a 1099-K, the IRS still expects you will report all your income, regardless of the amount. However, the IRS recently delayed the implementation of the new $600 reporting threshold for goods and service transactions from third party processors like Venmo and Paypal to 2023, reverting tax year 2022 back to the previously higher 1099-K reporting threshold (over $20,000 in payments and more than 200 transactions). The IRS planned to implement changes to the 1099-K reporting requirement for the 2022 tax year. But, even if you don't receive a 1099-K, you're still required to report any business income you receive through these platforms on your income tax return. If you cross this threshold, the platform is required to send Form 1099-K to you and the IRS in the following year. There is no threshold for payment card transactions such as credit card swipes.
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