The Internal Revenue Service (IRS) has once again postponed the enforcement of a law that requires e-commerce and payment platforms to report users who receive over $600 in revenue annually. This rule change, which was part of the American Rescue Plan, has been delayed due to concerns over the impact on users of digital wallets like Venmo, PayPal, and Cash App. The reporting threshold has also been increased to $5,000 from the original $600. The decision to delay the tax rule came after the IRS commissioner, Daniel Werfel, acknowledged the need for additional time to effectively implement the new reporting requirements. The delay has sparked confusion and concern among businesses and individuals affected by the rule change.
The IRS decisions to again delay new tax requirements for e-commerce platforms, older 401(k) savers and cryptocurrency brokers could cost the Treasury more than $8 billion https://t.co/hRfNUERlbM https://t.co/hRfNUERlbM
App payment confusion causes IRS to delay $600 sales reporting threshold — again https://t.co/hL0hBUIq9V https://t.co/nCOGsnq8do
The IRS delayed its controversial new policy regarding digital payment platforms https://t.co/08AYp0aNhU
IRS postpones new tax rule change for workers who earn money through Venmo and PayPal - here's how it could affect YOU https://t.co/jTeQYtgEiu https://t.co/YAn5IYZL1z
IRS delays $600 payment reporting rule for Venmo, Cash App and other payment apps. https://t.co/bOGlatM5XG Click the image to read more:
IRS Announces Big Changes To Form 1099-K, Including Another Reporting Delay https://t.co/aUPcUQAHrR
The head of the IRS said a decision to delay a tax rule again stemmed from concern over higher bills among users of digital wallets like Venmo, PayPal, Cash App, StubHub and Etsy. https://t.co/7BVb2mUzRU
IRS delays $600 payment reporting rule for Venmo, Cash App and other payment apps. https://t.co/G815qK2Nhy Click the image to read more:
“We spent many months gathering feedback from third-party groups and others, and it became increasingly clear we need additional time to effectively implement the new reporting requirements,” the IRS commissioner, Daniel Werfel, said. https://t.co/h06Mcmtuk1
12 Congress members are pressing the IRS to provide updates about its investigation into about 100 individuals who attempted to avoid U.S. taxation by benefiting from a controversial tax break in Puerto Rico without meeting the appropriate requirements. https://t.co/bmiAVs25kQ
The Internal Revenue Service is delaying enforcement of a contentious tax policy that would require users of digital wallets and e-commerce platforms, such as Venmo and Cash App, to start reporting small transactions. https://t.co/A4OCYfm3ac
NEW: The IRS is delaying implementation of its new 1099-k reporting threshold for transactions over $600 - an American Rescue Plan provision - again. Also (!) increasing the reporting threshold to $5k. Still down from original 200 transactions + $20K amt https://t.co/qJXBMIrBRn https://t.co/ooK1LCZXl3
IRS delays tax reporting rule change for business payments on apps such as Venmo and PayPal https://t.co/N2ojXVe7Ef
The IRS again postponed enforcement of a law that requires e-commerce and payment platforms to send the agency information about users who receive more than $600 in revenue a year https://t.co/9qkkFG3zfB https://t.co/9qkkFG3zfB