IRS Delays $600 Payment Reporting Requirement For 1 Year

Summary

Law360 (December 23, 2022, 1:12 PM EST) -- The IRS will push back for one year its implementation of a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, the agency announced Friday, saying the delay will "help reduce confusion" over the new requirements.