2022 law change - PayPal transactions over $600 (1 Viewer)

[Colquhoun]

So they didn't even really need to implement it for 2023, just make everyone think that it might be implemented.
For 11 months.

 

[JMC9389]

Delayed again for 2023.

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation#:~:text=Following feedback from taxpayers, tax,for 2024 to phase in

Then increasing to $5000 for 2024. Much more manageable.

 

[McPoker]

IRS has a habit of that. Pushes something through with no guidance for implementation. Then just delaying it a bunch.

 

[Tonysquander]

Full implementation of the $600 threshold delayed again for 2025. New threshold will be $2,500. Supposed to have full implementation in 2026 but at least one bill to revert it back to the full 20,000 is out of committee. Don’t know that it will get passed this session though.

https://taxschool.illinois.edu/post/irs-clarifies-form-1099-k-filing-requirements-starting-in-2024/

 

[FDLmold]

Full implementation of the $600 threshold delayed again for 2025. New threshold will be $2,500. Supposed to have full implementation in 2026 but at least one bill to revert it back to the full 20,000 is out of committee. Don’t know that it will get passed this session though.

https://taxschool.illinois.edu/post/irs-clarifies-form-1099-k-filing-requirements-starting-in-2024/

lol government

I would have bet money on the $600 being implemented starting tax year 2024 for the taxes filled out and paid by April 2025, because that was after both Biden's midterm election and reelection campaigns.