The IRS added that it will provide additional details on the delay “in the near future,” along with additional information to help taxpayers and the industry.įollowing the agency’s announcement, Sen. The new rules require users to report payment transactions via payment apps including Venmo, PayPal, Stripe and Square for goods and services meeting or exceeding $600 in the calendar year. This lower threshold was enacted in the American Rescue Plan (ARP) back in March 2021.
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.” “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes.
“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” acting IRS Commissioner Doug O’Donnell said in a press release.
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