News > IRS delays Venmo and PayPal tax increase by one year
IRS delays Venmo and PayPal tax increase by one year
28/12/2022 02:59 PM | Click to read full article
PayPal, Venmo, and other cash app users who depend on digital payment platforms can breathe a temporary sigh of relief. Payments through apps and sites like Venmo, Etsy, StubHub, and Airbnb trigger the mandatory issue of a 1099-K form if a business user's account accrues 200 transactions over $20,000 in a year. However, a tax tweak passed in 2021 as part of the American Rescue Plan lowers that threshold to just $600.
