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IRS delays apps payments rule change - CBS Los Angeles

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IRS delays apps payments rule change

IRS delays apps payments rule change 00:31

Anyone getting paid for their goods and services through apps like Venmo or Etsy just got a reprieve from the Internal Revenue Service.

Friday, the IRS announced it would delay the implementation of a rule change that would have resulted in a virtual paper chase of tax forms going out by January 31, 2023, to anyone using such apps for their business transactions.

The IRS has postponed it by a year.

The move follows concerns from the tax preparation community, the electronic transactions industry and some lawmakers.

The rule would require third-party payment platforms to issue a 1099-K to both the IRS and the individual app user. It would apply for payments that exceed $600 over the course of the year.

A business transaction that is taxable is defined by the IRS as any payment for a good or service, including tips.

It used to be those platforms only had to issue a 1099-K if you engaged in more than 200 business transactions for which you received total payments of more than $20,000 in a year.

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IRS delays apps payments rule change - CBS Los Angeles
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