Biden To Delay $600 Reporting Rule For Venmo, Cash App

  • The Internal Revenue Service on Friday said it is delaying by one year a new rule mandating small business owners who are paid for goods and services through apps such as PayPal, Venmo, Cash App, Etsy, StubHub, and Airbnb to report their earnings, closing a tax loophole for online sellers.
  • Previously, those companies only informed the IRS if a user received payments exceeding $20,000 through more than 200 transactions in one calendar year.
  • Democrats in Congress in 2021 reduced the threshold to $600 and just one transaction as part of the Biden administration’s efforts to narrow the $7 trillion “tax gap” between revenue that is owed and revenue that is collected.
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