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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...
A change to the tax code, set to take effect with the 2022 tax year, was designed to make sure that people who receive earnings via Venmo, Etsy or other third-party payment and credit systems...
It should be noted that this tax rule, though initially targeting tax year 2022, was delayed by a year to instead take effect for tax year 2023 (period beginning Jan. 1, 2023).
If you've received at least $600 from apps like PayPal and Venmo, you'll get a 1099-K form. However, that doesn't mean you have to pay taxes on all of that income.
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Instead, payment apps and online marketplaces will send out separate tax forms — called 1099-K documents — for taxpayers who receive over $20,000 and make over 200 transactions selling goods ...
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