Part 5/8:
This delay does not alter the core tax obligations. All income earned through business transactions—including payments processed on platforms like PayPal, Venmo, Etsy, Airbnb, and others—is still taxable under existing tax laws. The key difference is that during the 2022 tax year, you will not receive a 1099-K form solely because your transactions exceeded $600. Instead, the IRS will continue to use the previous reporting standards, which require 1099-K issuance only if you had more than 200 transactions totaling over $20,000.