Taxes
IRS Delays $600 Tax Reporting Rule for Venmo, Etsy Sellers
- Requirement was slated to go into effect in coming tax season
- Ebay, other platforms have pushed back on new tax form rule
Photographer: Andrew Harrer/Bloomberg
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The Internal Revenue Service is delaying a requirement for e-commerce platforms, including Venmo, PayPal, Cash App and Etsy, to send tax forms to customers who have transactions of more than $600.
The one-year delay is a reprieve for individuals who use those digital payment platforms to conduct business. Congress reduced the tax reporting threshold to $600 from $20,000 in 2021, and it was slated to affect people filing tax returns in the spring of next year.