IRS Delays Imposing $600 Threshold for Reporting Income from Apps

Published on November 21, 2023

The Internal Revenue Service (IRS) has responded to negative feedback from taxpayers, tax professionals, and payment processors and has decided to delay imposing a new $600 reporting threshold requirement for income received from third-party marketplaces and payment organizations like PayPal and Venmo. As part of its much-touted tax enforcement crackdown, the IRS has been preparing to go after small sellers and service providers who are paid through third-party apps. The tax agency was going to do so by implementing the so-called 600 rule (enacted under the American Rescue Plan), which would drastically lower the income threshold above which taxpayers are required to declare income from third-party apps and marketplaces like Etsy, eBay, CashApp, PayPal, Ticketmaster, and Venmo on Form 1099-K....

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