• Home
  • News
  • Digital
  • Business
  • Coins
  • Featured
  • Technology
  • Trends
  • Blog
  • Contact
Facebook Twitter Instagram
Trending
  • The NBA Top 10 Players of All Time Greatest Basketball 2023
  • Ive Become A True Villainess Baka Is An Visual Novel 2023
  • The NBA Top 100 Players of All Time
  • How to Be a Better Lover
  • How Long Does Dry Ice Last
  • How Much Is Top Golf is a Trendy Sports Entertainment
  • Top Banks In Us
  • Sweet Home Alabama Movie
Monday, May 29
Techno News24
  • Home
  • News
  • Digital
  • Business
  • Coins
  • Featured
  • Technology
  • Trends
  • Blog
  • Contact
Techno News24
Home»News»IRS Delays Venmo and PayPal Tax Increase by One Year
News Updated:May 7, 2023

IRS Delays Venmo and PayPal Tax Increase by One Year

TechnoNews24.comBy TechnoNews24.comDecember 31, 2022Updated:May 7, 2023No Comments2 Mins Read
Irs Delays Venmo and Paypal Tax Increase by One Year
IRS Delays Venmo and PayPal Tax Increase by One Year
Share
Facebook Twitter LinkedIn Pinterest Email

Table of Contents

  • IRS Delays Venmo and PayPal Tax Increase by One Year
      • Related posts:

IRS Delays Venmo and PayPal Tax Increase by One Year

The Internal Revenue Service has announced that it will delay the new tax reporting requirement for payment apps such as Venmo and PayPal. This has been a controversial change which has been criticized by a number of organizations, including small business owners.

The new rule was originally set to take effect during the 2022 tax filing season. It is estimated to raise $8 billion over the next ten years. However, the IRS has delayed the implementation of the law to give Americans more time to prepare.

In addition to the delay, the IRS has also decided to provide taxpayers with a transition period. This will allow them to properly identify personal and business payments. That will help them avoid the IRS from getting confused.

Previously, only payments over $20k were required to be reported. The new rule has been designed to make sure that small businesses and individual payees are on top of their taxes.

The IRS has stated that it is working to provide clear instructions to taxpayers who will receive 1099-K forms. However, it is a challenge to delineate business and personal transactions in an effective manner.

To prevent confusion, the IRS has decided to postpone the new tax reporting requirements for one year. The delay will give taxpayers more time to prepare for the change, while giving the Internal Revenue Service an opportunity to clarify the new rule.

In the meantime, payment apps such as Venmo and PayPal will continue to report the same amount to the IRS. Users who transfer more than $200 will still receive a tax form.

Related posts:

  1. Independence Valued Over Survival for Neuroendocrine Tumor Patients
  2. Kamala Harris Grilled in Contentious Today Interview
  3. The Light Novel World in Japan
  4. Todays Wordle Answer
Health IRS Latest News PayPal
Previous ArticleHow to Choose a 72v Electric Bike Battery
Next Article Independence Valued Over Survival for Neuroendocrine Tumor Patients

Related Posts

How Long Does Dry Ice Last

May 6, 2023

Rajkotupdates.News : RRR Filed PIL In Telangana High Court Before Release

April 30, 2023

2023 GMC Sierra 1500 Diesel 4WD Double Cab

March 15, 2023
Highlights
Business
Updated:May 7, 2023

42 Days From Today

By TechnoNews24.comJune 1, 20220

How to Calculate 42 Days From Today How do you find out how many days…

The world is full of mind control technology and gadgets

December 24, 2022

Picking Up A School Beauty To Be Wife

September 8, 2022

Let’s fall in love for the night lyrics

June 23, 2022

Ive Become A True Villainess Baka Is An Visual Novel 2023

May 14, 2023
Just in

The NBA Top 10 Players of All Time Greatest Basketball 2023

Games May 16, 2023

Ive Become A True Villainess Baka Is An Visual Novel 2023

Entertainment May 14, 2023

The NBA Top 100 Players of All Time

Games May 9, 2023

How to Be a Better Lover

Entertainment May 7, 2023

How Long Does Dry Ice Last

News May 6, 2023

How Much Is Top Golf is a Trendy Sports Entertainment

Games May 4, 2023

Top Banks In Us

Business May 2, 2023

Sweet Home Alabama Movie

Entertainment May 1, 2023

Rajkotupdates.News : RRR Filed PIL In Telangana High Court Before Release

News April 30, 2023

Baz Luhrmann’s New Elvis Movie Hits Theaters Today

Entertainment April 29, 2023
Copyright © 2023 Techno News24 | All Rights Reserved | Privacy Policy | Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.