IRS Delays $600 Tax Report Threshold for Venmo, Etsy Sellers (1)

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.

The IRS said it will use the coming year to transition to the new requirement and that more information would be available ...