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Small Business Center

IRS Delays Requirement for Users of Venmo and Other Payment Apps to Report Transactions Over $600

December 12, 2023

In response to widespread confusion and concerns, the IRS has delayed the implementation of a 2021 law requiring Venmo, PayPal and other payment apps to send tax forms (1099-Ks) to those receiving over $600 in transactions. This delay, extended for the second year, aims to prevent taxpayer confusion and now will rely on the pre-existing threshold, more than 200 transactions that exceed $20,000 in income. Additionally, starting in 2024, the reporting threshold will rise to $5,000, offering clarity to taxpayers and professionals but sparking criticism from some lawmakers, who think the rule will add a harmful, tax-related paperwork burden for small business.

For more about the regulations from Forbes Advisor, click here.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

Small Business Center

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