IRS Delays Tax Reporting Change for 1099-K on Venmo, Paypal Business Payments
Headline from NBC 6 South Florida
Tax professionals and consumers are likely to cheer the delay, which means the pre-2022 threshold of $20,000 for more than 200 transactions applies for now.
NBC 6 South Florida's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Tax professionals and consumers are likely to cheer the delay, which means the pre-2022 threshold of $20,000 for more than 200 transactions applies for now.
The IRS said Friday it was delaying a new plan that would have subjected Americans’ electronic payments on apps such as PayPal and Venmo to new scrutiny, bowing to intense pressure from consumers and Congress.
A controversial new tax-reporting policy involving payments over $600 on e-commerce platforms like eBay and Etsy will be delayed by one year, the IRS said.
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IRS Delays Tax Reporting Change for 1099-K on Venmo, Paypal Business Payments | Since Then
