IRS Pauses Rule Requiring People to Report Cashapp, PayPal, Venmo Transactions over $600.

The IRS has announced a one-year pause on the new $600 tax-reporting threshold for individuals utilizing payment networks such as Cashapp, 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….”

The 2021 American Rescue Plan legislation lowered the threshold from $20,000 to only $600, and it’s one of the most unpopular changes made by President Joe Biden. 

Press Release