IRS Delays $600 Tax-Reporting Rule on Venmo CashApp PayPal Payments
IRS Delays $600 Tax-Reporting Rule on Venmo CashApp PayPal Payments. The controversial reporting rule on payments over $600 will go into effect in 2024. Watch for updated information.
▶ VIDEO NOTES
The Internal Revenue Service on Friday said that it is delaying by one year a new tax reporting requirement targeting Americans who made more than $600 online through third-party payment apps like Venmo or PayPal.
"The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan," said Doug O'Donnell, the acting IRS commissioner. "To help smooth the transition and ensure clarity for taxpayers, tax professionals, and industry, the IRS will delay implementation of the 1099-K changes."
The delay comes after fierce backlash from Republican lawmakers, small business owners, and tax professionals to the lower reporting requirement.
The rule change – approved by Democrats in March 2021 with the passage of the American Rescue Plan – would have required payments platforms including Venmo, PayPal, Etsy, and Airbnb to send Form 1099-K to the IRS and users if their transactions totaled more than $600 over the course of the year. Pr
Click here to read the entire Fox Business article - https://www.foxbusiness.com/money/irs-delays-new-tax-reporting-rule-venmo-paypal-payments
▶ BUSINESS RESOURCES
▶ EMPLOYEE RETENTION TAX CREDIT
Your business may qualify for the ERC Tax Credit
ERCHelpdesk Makes It Easy Click Here - https://bit.ly/RBERCHelpdesk
▶ PERSONAL FINANCE RESOURCES
▶ GET THE "FINANCIAL FIRST AID KIT"
Click Here: https://bit.ly/RBFinancialFirstAidKit
▶ PERSONAL CAPITAL
Award-Winning Personal Finance Tools
Click on the link to learn more - https://bit.ly/RBPersonalCapital
▶ RC Bullion
Investing in Gold & Silver
Learn more about RC Bullion - https://bit.ly/RBRCBullion
▶ GROUNDFLOOR
Real Estate Investing For Everyone
https://bit.ly/RBGroundFloor
▶ FORECLOSURE.COM
Find Real Estate Opportunites First
Get the best real estate deals first, with one simple search
Click on the link to learn more - https://bit.ly/RBFindForeclosures
▶ ABOUT THE CHANNEL
Ric Bender; Empowering Prosperity :
Exploring trends shaping your personal economy
Subscribe - https://www.youtube.com/c/RicBender
▶ CONNECT WITH ME
Twitter: https://www.twitter.com/ricbender
Website: https://www.ricbender.com
Rumble: https://rumble.com/user/RicBender
Facebook: https://www.facebook.com/RicBenderVerified/
▶ JOIN MY NEWSLETTER
Email Newsletter: http://eepurl.com/hSKhnT
▶ D I S C L A I M E R S + D I S C L O S U R E S
This content is for educational and entertainment purposes only. Please see the about page for a complete disclaimer.
This description contains affiliate links that allow you to find suggested resources. When you purchase items from these affiliate links Ric Bender may receive compensation. Thank you for your support.
▶ KEYWORDS
economy, us news, recession, money tips, finance news, personal finance, financial news, yahoo finance premium, us economy, fox business network, economic reports, economic collapse, ric bender, New IRS $600 SURVEILLANCE RULE for CashApp, Venmo, Paypal, new IRS $600 rule for 2022, IRS 600 bank surveillance, American rescue plan act of 2022, IRS, IRS tax rules, IRS to monitor accounts over $600, IRS 600 dollars, cash app taxes, 1099k PayPal, cash app, IRS bank rule, economic ninja channel, Jeremiah babe,
#News #irs #taxes
-
9:50
DepressedGinger
17 hours agoBiden *DENIES* polls, somehow thinks he's beating Trump
18.9K73 -
6:42
Vehicles Unlimited
20 hours ago2024 Chevrolet Trax Activ // The Best Compact SUV This Year?
25.8K6 -
29:54
TampaAerialMedia
20 hours agoMiami Travel Guide - Downtown, Key Biscayne, Coral Gables
22.8K12 -
9:06
Mally_Mouse
18 hours agoCongress is getting trashy
29.6K49 -
1:15:15
TheTapeLibrary
15 hours agoScary Stories On A Rainy Night (Rain Sounds | Relaxing Horror Stories To Fall Asleep To)
14.1K3 -
3:41:38
The Jimmy Dore Show
1 day agoThe Jimmy Dore Live Panel Show
173K186 -
8:02:15
SNEAKO
14 hours agoFRESH EDATE, SPECIAL GUEST, BIG STREAM
161K96 -
8:04:33
Fed Reacts
16 hours agoFed Explains The Disappearance of Madeleine Mccann & Overwatch Raging!
89K57 -
2:24:44
vivafrei
1 day agoEp. 211: Trump Trial, Jack Smith, Tyson Loses, Ukraine, Russia V. Google & MORE!
191K381 -
3:02:10
Due Dissidence
1 day agoSeinfeld Show INTERRUPTED by Protests, Police CRACK DOWN on Nakba March, Cardi B TRASHES Biden
107K89