The IRS announced that it will delay the rollout of a new rule that was set to lower the tax reporting threshold for transactions businesses make through third-party payment platforms like Venmo and Cash App.
The IRS said in a release that it chose to delay the lowering of the threshold to $600 following concerns that the agency and the Treasury Department require more time to prepare for the changes.
What Does This Mean?
For the 2023 Tax Year, Cash App and Venmo will not be reporting transaction to the IRS.
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