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Although originally planned, the IRS announced that it's delaying a new tax reporting law for third-party payment services like Zelle, Cash App, PayPal and Venmo to report earnings over $600 to the...
They may have to report that tax information for the 2023 tax year. ... Ebay confirmed to The Hill that it has “taken steps to comply with the new IRS 1099-K reporting requirements, including ...
The IRS estimated that the new, significantly lower $600 threshold would have triggered an extra 28 million 1099-Ks being issued in 2024 for reporting income on 2023 tax returns.
This article originally appeared on GOBankingRates.com: Tax Update: IRS Delays $600 Reporting Threshold for Venmo, PayPal and Third-Party Payment Apps Show comments Advertisement
For this year, if you had more than $5,000 in gross business transactions on a given app or platform, then you, the IRS and your state tax department should all receive a 1099-K reflecting that.
As of Jan. 1, the Internal Revenue Service (IRS) requires reporting of payment transactions via apps such as Venmo, PayPal, Stripe and Square for goods and services sold which meet or exceed $600 ...
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