Reporting requirements for third-party business transactions over $600, enacted by the American Recovery Act of 2021, have been delayed until 2023.
IRS to delay $600 payment platform reporting threshold, calls 2022 "transition period"The IRS is delaying new requirements that require third-party settlement organizations like PayPal and Venmo to lower the business transaction reporting threshold to $600.The Internal Revenue Service is delaying new requirements that require third-party settlement organizations like PayPal and Venmo to report transactions that exceed a minimum threshold of $600 in aggregate payments until next year.
Introduced as part of the American Rescue Plan of 2021, the regulation significantly lowered the tax reporting threshold for business transactions to $600 per year from a previous level of"more than 200 transactions per year, exceeding an aggregate amount of $20,000." The IRS said that care must be taken “to help ensure that 1099-Ks are only issued to taxpayers who should receive them.”on transition guidance for broker reporting on digital assets, the IRS said that brokers will not be required to report additional information with respect to dispositions of digital assets until final regulations are issued.
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