The Internal Revenue Service (IRS) reversed its position on requiring people who earned at least $600 from online platforms like eBay, Venmo, and others to receive a 1099-K tax form starting in 2023. The new policy will now be delayed for a year to give tax professionals more time to understand the rule change. The $600 reporting threshold was a product of the $1.9 trillion American Rescue Plan, which was signed into law in 2021. As of now, only people or businesses who earned income over $20,000 on online platforms from at least 200 transactions in 2022 will receive the 1099-K form per the current policy already in place.