{"id":1789512,"date":"2022-12-29T06:09:07","date_gmt":"2022-12-29T11:09:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1789512"},"modified":"2022-12-29T09:50:01","modified_gmt":"2022-12-29T14:50:01","slug":"irs-says-they-delayed-controversial-600-reporting-threshold-for-venmo-and-other-app-transactions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-says-they-delayed-controversial-600-reporting-threshold-for-venmo-and-other-app-transactions\/","title":{"rendered":"IRS Denies Controversial $600 Reporting Limit for Venmo Transactions and Other App Transactions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-says-they-delayed-controversial-600-reporting-threshold-for-venmo-and-other-app-transactions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1789512&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The IRS has decided, as The Wall Street Journal scooped on Tuesday, to delay the implementation of a rule that would require many Americans who are active in the gig economy \u2014 and using Venmo, eBay, AirBnB, Etsy, et al. \u2014 to report anything more than $600 in revenue.\u00a0<\/p>\n<p dir=\"ltr\" lang=\"en\">The <a href=\"https:\/\/twitter.com\/hashtag\/IRS?src=hash&#038;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#IRS<\/a> The delay in implementing the $600 reporting threshold is due to third-party payment platform issuing 1099Ks. Find out more at: <a href=\"https:\/\/t.co\/UkUsFqEDQ4\" target=\"_blank\" rel=\"noopener\">https:\/\/t.co\/UkUsFqEDQ4<\/a> <a href=\"https:\/\/t.co\/a9S26EYMSS\" target=\"_blank\" rel=\"noopener\">pic.twitter.com\/a9S26EYMSS<\/a><\/p>\n<p>\u2014 IRSnews (@IRSnews) <a href=\"https:\/\/twitter.com\/IRSnews\/status\/1607750702427684865?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">December 27, 2022<\/a><\/p>\n<p>The IRS frames its decision not to implement the policy. &#8220;the additional time will help reduce confusion during the upcoming 2023 tax-filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.&#8221; But more than removing the burden for small business owners and side-hustle\u00a0aficionados, the delay gives what has become bipartisan opposition to the plan needed time to ramp up their efforts to block the reporting requirement from ever taking effect. \u00a0\u00a0<\/p>\n<p>Congress passed the American Rescue Plan 2021. It will cause a substantial increase in 1099K filings. If it takes effect, the IRS will also add to its growing backlog of tax filings for 2021. Currently, the reporting threshold for 1099-K filers is $200,000 \u2014 more than 33 times the new amount set to take effect \u2014 or 200 transactions in a year.<\/p>\n<p>As WSJ <a href=\"https:\/\/www.wsj.com\/articles\/irs-delays-gig-tax-filing-rule-for-side-hustles-of-more-than-600-11671815725\" rel=\"noopener noreferrer\" target=\"_blank\">reported<\/a>:\u00a0<\/p>\n<p>The $600 threshold would affect many gig workers who are independent contractors and haven\u2019t been reporting income on their tax returns. This could be a shock to those earning the income.<\/p>\n<p>There are many issues that sellers face on eBay and similar platforms. This is especially true for casual resellers, who may need to clean out their attics and closets. The gross revenue on the form isn\u2019t necessarily all income. Such vendors<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS has decided, as The Wall Street Journal scooped on Tuesday, to delay the implementation of a rule that would require many Americans who are active in the gig economy \u2014 and using Venmo, eBay, AirBnB, Etsy, et al. \u2014 to report anything more than $600 in revenue.\u00a0 The #IRS The delay in implementing &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1788688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[11495,9244,5458,4803,4775,8362,6612,3819,10832,12338,11498],"class_list":["post-1789512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-11495","tag-app","tag-bongino","tag-controversial","tag-denies","tag-irs","tag-limit","tag-report","tag-reporting","tag-transactions","tag-venmo"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1789512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1789512"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1789512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1788688"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1789512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1789512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1789512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}