IRS delays new tax-reporting rule on Venmo, PayPal payments over $600
(www.foxbusiness.com)
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Not enough people for oversight or too much backlash?
They haven't fully armed the 87,000 new agents yet.
My accountant informed me it was only for business transactions- for this year.
However, this is good because we know they wouldn't have stopped there.
No he wasn't. Look it up yourself it's payments or accepting payments for services
If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600.
It is not for personal transactions, like if I sent Grandma $1000 for personal use.
But yes, it's great that it's delayed because we know where it would be headed
You always were "required" to fill out a 1099 even if you were under the original threshold, though admittedly nobody really did.
I had to do it just last year for sales of less than $2000.
But the main point that we can all agree on is that's it's just another bullshit tax.