“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 statement. The lower reporting threshold requirement will now not take effect till the 2023 reporting tax season, per the IRS’s recent announcement. Taxpayers are still required to report their total income but payment apps will not need to report to the IRS those customers exceeding the new threshold for the 2022 tax year. The previous reporting threshold was 200 transactions or $20,000. It also required the payment apps to report to the IRS all those who earned more than the allotted threshold. Online retailers and a number of members of Congress have been calling for a delay of the rule before it takes effect next year.Īs part of the American Rescue Plan Act of 2021, the rule required people who earned more than $600 on peer-to-peer payment apps to report the figure as income to the IRS. The Internal Revenue Service announced Friday a one-year delay of new reporting requirements for Venmo, Paypal, Cash App or other third-party peer-to-peer payment apps.
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