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Ultimately, the IRS postponed the new reporting requirements in 2022 and 2023, allowing more time for the payment apps, officially known as third-party settlement organizations, to conform. New ...
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.”
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, in 2023, the IRS delayed implementation to reduce anticipated confusion by an estimated 44 million 1099-K forms sent to taxpayers. That year, reporting was instead only required for ...
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.
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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 ...