IRS pauses rule requiring people to report PayPal, Venmo transactions over $600

[Mikey P]

IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. Here's what went wrong.

The IRS is delaying a rule that would have required e-commerce sites and payment platforms to send out tax paperwork to a much wider swath of people in 2023.

www.marketwatch.com

 

[Trip Moses]

I’m not sure which is worse. Income tax or merchant fees. At least with merchant fees it’s a one and done. You don’t have to rehash the pain at the end of the year so they can double dip.

 

[Papa John]

I believe even your bank has to do this same reporting. IMO the data will be so immense that it will overwhelm the IRS and become buried and useless.
A news article claimed that the IRS will be working on 2021-22 taxes Well INTO 2023.