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In response to widespread confusion and concerns, the IRS has delayed the implementation of a 2021 law requiring Venmo, PayPal and other payment apps to send tax forms (1099-Ks) to those receiving over $600 in transactions. This delay, extended for the second year, aims to prevent taxpayer confusion and now will rely on the pre-existing threshold, more than 200 transactions that exceed $20,000 in income. Additionally, starting in 2024, the reporting threshold will rise to $5,000, offering clarity to taxpayers and professionals but sparking criticism from some lawmakers, who think the rule will add a harmful, tax-related paperwork burden for small business.
For more about the regulations from Forbes Advisor, click here.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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