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IRS delays tax reporting change for 1099-K on Venmo, Paypal payments
Svetikd | E+ | Getty Photographs The IRS has delayed, for a year, when payment expert services these as Paypal and Venmo and e-commerce corporations this sort of as eBay, Etsy and Poshmark will have to difficulty tax types to individuals whose business transactions through all those platforms exceed $600. The company on Friday claimed that such third-bash platforms will never have to use that threshold for when they report 2022 tax-year transactions on a Kind 1099-K, which goes to both the IRS and taxpayer. Instead, they can depend on pre-2022 threshold of more than 200 transactions value an combination over $20,000. The American Rescue Approach Act of 2021 dropped the threshold…