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IPFS News Link • Internal Revenue Service

IRS: Venmo, PayPal And CashApp Freelancers Face 2024 Reporting Requirements

• Zero Hedge

After delaying for two years, the IRS is planning to finally start implementing its new 1099-K reporting requirement for anyone earning income via third-party payment apps such as PayPal, Venmo, Zelle or Cash App.

The rule, which was originally slated to take effect in 2022 and was delayed for 2023, means that a 1099-K form "could be sent to anyone" using those services who makes over $600 per year, according to the agency.

"We spent many months gathering feedback from third-party groups and others, and it became increasingly clear we need additional time to effectively implement the new reporting requirements," said IRS Commissioner Danny Werfel several weeks ago in delaying the rule again.