More people could see a 1099-K tax form show up this tax season [Video]

CEDAR RAPIDS, Iowa (KCRG) – More people could receive a tax form in the mail this year that they’ve never seen before: a 1099-K form.

The 1099-K form is a requirement for companies like ‘Venmo’ and ‘Etsy.’ It’s a law change that those with online businesses or side hustles will need to be ready for.

Grayson Burgess creates and sells movie prop replicas on Etsy.

”I just really like movies and I like superhero movies especially so I’ve always liked making things,” Burgess said. “It kind of just came together and I was able to build a business off of that.”

Burgess has always been over the threshold to receive the 1099-K tax form.

Those online platforms used to only mail the form if the payment reached $20,000 and 200 transactions.

The IRS wanted to drop the threshold to send the form in 2023 to just $600. Feedback from taxpayers, …