IRS delays new tax reporting requirement for Venmo, Cash App users ...Middle East

The Internal Revenue Service (IRS) announced on Friday that it will delay the rollout of a new rule that was set to lower the tax reporting threshold for transactions businesses make through third-party payment platforms like Venmo and Cash App.  The IRS said in a release that it chose to delay the lowering of the threshold to $600 following concerns that the agency and the Treasury Department received about the timeline.  The American Rescue Plan, the $1.9 trillion COVID-19 stimulus package that Congress passed last year, includes a provision to require sellers to report if their transactions over these third-party networks exceed $600 in aggregate in a year, a significant drop fro

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