[ad_1]
People who get paid for goods and services through apps like Venmo and Etsy have been granted a moratorium by the Internal Revenue Service.
On Friday, the IRS announced it was delaying the implementation of a rule change that would allow virtual paper tracking of tax returns by January 31, 2023.
The IRS delayed it for a year.
The move follows concerns from the tax preparation community, the e-commerce industry, and some lawmakers.
The rule requires third-party payment platforms to issue 1099-Ks to both the IRS and individual app users. Applies to payments over $600 throughout the year.
A taxable business transaction is defined by the IRS as a payment for goods or services that includes a tip.
Previously, you were required to issue a 1099-K only if you engaged in more than 200 commercial transactions with payments totaling over $20,000 in a single year.
CBS LA staff
Thank you for always watching CBS NEWS.
Create a free account or log in
for more features.
[ad_2]
Source link
