"The Internal Revenue Service said on Friday that it was delaying by one year a new tax policy that will require users of digital wallets and e-commerce platforms to start reporting small transactions to the tax collection agency.The delay followed bipartisan backlash from lawmakers and an uproar from small-business owners, who only recently became aware of the tax change.The I.R.S. said the delay was intended to provide a smooth transition period for taxpayers to comply with the policy, which was part of the American Rescue Plan of 2021 and was supposed to take effect this year. Many users of services such as Venmo, PayPal, Zelle, Cash App, StubHub and Etsy only recently became aware that they would be receiving I.R.S. tax forms associated with their transactions, sowing fears of surprise tax bills."
Continue reading the article online ->
https://www.nytimes.com/2022/12/23/business/irs-venmo-digital-wallets.html
Read the announcement from the IRS on their page -> https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k
The Boston Globe also has coverage of this delay ->
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| The Etsy Inc. website on a laptop computer arranged in Saint Thomas, Virgin Islands on Feb. 19, 2021.GABBY JONES/BLOOMBERG |
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