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Users of Venmo, Cash App and other payment apps will get a tax reprieve this year. The IRS announced Tuesday it will delay implementing new reporting requirements that were to take effect for the ...
The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.”
New IRS Reporting Rules For Venmo and PayPal in 2024 / 2025 The IRS passed a law that will require third-party payment apps to report all income of over $600 via a 1099-K form.
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).
However, last year, the IRS pushed back the deadline for filing 2021 tax returns and for paying taxes owed because of the Emancipation Day holiday in Washington, D.C.
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...
The new IRS rules are fairly straightforward. As of Jan. 1, payment platforms like Venmo, PayPal and Zelle must report to the IRS the transactions of anyone who receives $600 or more per year in ...
However, in 2022, the IRS pushed back the deadline for filing 2021 tax returns and for paying taxes owed because of the Emancipation Day holiday in Washington, D.C.