IRS announces delay for new $600 threshold for PayPal, Venmo payments

The Internal Revenue Service on Friday announced a delay for a new $600 tax-reporting threshold for gig workers and sellers who use payment networks like PayPal and Venmo. "As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021," the IRS said in a news release.

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