nypost.com
Open in
urlscan Pro
192.0.66.32
Public Scan
URL:
https://nypost.com/2023/11/22/news/irs-delays-implementing-600-reporting-rule-for-venmo-paypal-payments/
Submission: On December 06 via api from US — Scanned from DE
Submission: On December 06 via api from US — Scanned from DE
Form analysis
2 forms found in the DOMhttps://nypost.com/
<form class="search__form" action="https://nypost.com/" id="nav-search">
<div class="search__inner" role="search">
<label for="search-input-interior" class="screen-reader-text"> Search </label>
<input type="search" name="s" class="search__input" placeholder="Type to Search" value="">
</div>
<button class="search__submit" type="submit" id="search-submit" value="search" tabindex="-1" aria-label="Click to Search">
<span class="search__submit-text"> Search </span>
<span class="search__submit-icon">
<svg width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="var(--wp--custom--color--brand-primary)"></path>
</svg>
</span>
</button>
</form>
<form class="search__form">
<div class="search__inner" role="search">
<label for="search-input-header" class="screen-reader-text"> Search </label>
<span class="search__input-icon"><svg width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="#fff"></path>
</svg>
</span>
<input type="search" name="s" class="search__input" id="search-input-header" placeholder="Type to Search" tabindex="-1" data-search-header="input">
</div>
<button class="search__submit" type="submit" tabindex="-1" aria-label="Click to Search" data-search-header="submit">
<span class="search__submit-text">Search</span>
<span class="search__submit-icon"><svg width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="#fff"></path>
</svg>
</span>
</button>
</form>
Text Content
Primary Menu Sections Search Search Skip to search results * News * Metro * Page Six * Sports Open sub menu * NFL * MLB * NBA * NHL * College Football * College Basketball * Post Sports+ * Sports Betting * Business Open sub menu * Personal Finance * Opinion * Entertainment Open sub menu * TV * Movies * Music * Celebrities * Awards * Theater * Shopping * Lifestyle Open sub menu * Weird But True * Health * Sex & Relationships * Viral Trends * Human Interest * Parenting * Fashion & Beauty * Food & Drink * Travel * Real Estate * Media * Tech * Astrology * Video * Photos * Visual Stories * Sub Menu 1 * Today’s Paper * Covers * Columnists * Horoscopes * Crosswords & Games * Sports Odds * Podcasts * Careers * Sub menu 2 * Email Newsletters * Official Store * Home Delivery * Tips Log In Search Email New York Post December 6, 2023 Search Search News * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * * 8383 Comments IRS DELAYS IMPLEMENTING $600 REPORTING RULE FOR VENMO, PAYPAL PAYMENTS By Social Links for Victor Nava * View Author Archive * Get author RSS feed Thanks for contacting us. We've received your submission. Back to Reading Published Nov. 22, 2023, 1:32 a.m. ET Today's Video Headlines More Videos 0 seconds of 1 minute, 4 secondsVolume 0% Press shift question mark to access a list of keyboard shortcuts Keyboard ShortcutsEnabledDisabled Play/PauseSPACE Increase Volume↑ Decrease Volume↓ Seek Forward→ Seek Backward← Captions On/Offc Fullscreen/Exit Fullscreenf Mute/Unmutem Decrease Caption Size- Increase Caption Size+ or = Seek %0-9 Next Up 15-year-old breaks 'world's longest hair' record: 'I feel great pride' 00:59 Settings OffEnglish Font Color undefined Font Opacity 100% Font Size 100% Font Family undefined Character Edge None Background Color Black Background Opacity 75% Window Color Black Window Opacity 0% Reset WhiteBlackRedGreenBlueYellowMagentaCyan 100%75%50%25% 200%175%150%125%100%75%50% ArialCourierGeorgiaImpactLucida ConsoleTahomaTimes New RomanTrebuchet MSVerdana NoneRaisedDepressedUniformDrop Shadow WhiteBlackRedGreenBlueYellowMagentaCyan 100%75%50%25%0% WhiteBlackRedGreenBlueYellowMagentaCyan 100%75%50%25%0% facebook twitter Email Linkhttps://nypost.com/2023/11/22/news/irs-delays-implementing-600-reporting-rule-for-venmo-paypal-payments/ Copied Auto180p1080p720p540p360p270p180p Live 00:01 01:02 01:04 MORE ON: IRS * TAXMAN COMETH: IRS PENALTY FOR UNDERPAYMENTS SOARS TO 8% — NEARLY TRIPLE WHAT IT WAS 2 YEARS AGO * LEBRON JAMES’ MANAGER ADMITTED TO MAKING ILLEGAL NBA BETS * HOUSE COMMITTEE SUBPOENAS HUNTER BIDEN PROSECUTOR WHO WAVED OFF JOE LEADS * WEISS CONVENES LOS ANGELES GRAND JURY IN HUNTER BIDEN CASE — ISSUES SUBPOENA TO FIRST BROTHER JAMES: REPORT The IRS will delay implementing a sweeping rule change that forces people to report income over $600 paid through popular apps such as Venmo and Paypal, the agency announced Tuesday. The controversial tax-reporting rule, which received no Republican votes when it was approved by Democrats in Congress in 2021 as part of the American Rescue Plan, would have resulted in some 44 million additional 1099-K forms being sent out in January by the IRS. The agency, which delayed implementation of the rule last year as well, said it will treat 2023 “as an additional transition year” in an effort to “reduce the potential confusion” about the new tax obligation and instead phase-in the $600 threshold over the next two years. “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,” IRS Commissioner Danny Werfel said in a statement. 4 The IRS is delaying a rule change that would force people to report income over $600 paid through popular apps such as Venmo and Paypal AP “Taking this phased-in approach is the right thing to do for the purposes of tax administration, and it prevents unnecessary confusion as we continue to look at changes to the Form 1040. It’s clear that an additional delay for tax year 2023 will avoid problems for taxpayers, tax professionals and others in this area,” Werfel added. With the delay in place, users of third-party payment apps will not be required to fill out 1099-K’s in 2023 unless they received over $20,000 in income and engaged in more than 200 transactions. 4 Reporting requirements do not apply to personal transactions such as birthday or holiday gifts or splitting the cost of a meal or household bills, according to the agency. NurPhoto via Getty Images 4 With the delay in place, users of third-party payment apps will not be required to fill out 1099-K’s in 2023 unless they received over $20,000 in income and engaged in more than 200 transactions. AP The IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in, and will presumably implement the $600 reporting threshold in tax year 2025. The new rule only applies to payments received for goods and services transactions. Reporting requirements do not apply to personal transactions such as birthday or holiday gifts or splitting the cost of a meal or household bills, according to the agency. 4 The agency, which delayed implementation of the rule last year as well, said it will treat 2023 “as an additional transition year” in an effort to “reduce the potential confusion” about the new tax obligation. REUTERS 83 What do you think? Post a comment. Critics of the rule change, such as the Coalition for 10-99-K Fairness, argue that there are privacy concerns that come with forcing third-party payment app to reveal details of user transactions with the government, as well as an unfair tax burden that falls on “casual online sellers and microbusinesses.” The Biden administration hopes to crack down on tax evasion by reducing the reporting threshold. SHARE THIS ARTICLE: * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * * 8383 Comments Filed under * congress * irs * joe biden * paypal * taxes * venmo * 11/22/23 Read Next Daughter accused of giving 72-year-old mom with dementia a... TRENDING NOW ON NYPOST.COM * This story has been shared 158,463 times. 158,463 I FLEW ON EPSTEIN'S JET TWICE AND MY EX HAD 'RELATIONSHIP' WITH GHISLAINE MAXWELL, RFK JR. REVEALS * This story has been shared 146,171 times. 146,171 HOWARD STERN'S FRIEND, LONGTIME STYLIST RALPH CIRELLA, DEAD AT 58: 'HE DIDN'T TAKE CARE OF HIMSELF' * This story has been shared 59,505 times. 59,505 BRIDE IN VIRAL $56M 'WEDDING OF THE CENTURY' DELETES TIKTOK ACCOUNT AS NEW HUBBY FACES CRIMINAL CHARGES FOR ALLEGEDLY FIRING AT COPS NOW ON PAGE SIX * ALL OF DRAKE’S TATTOOS AND THEIR MEANINGS: RIHANNA TRIBUTES, FACE INK AND MORE * THE BEST CELEBRITY-INSPIRED GIFTS UNDER $50 TO SHOP FOR CHRISTMAS 2023 * INFLUENCER REMI BADER USED AS SHIELD BY BRAZEN FOREVER 21 SHOPLIFTER IN WILD CLIP See All VIDEO * NINE-YEAR-OLD SENDS DAD TO PRISON AFTER CATCHING SIX-MINUTE BLOODY BEATING OF MOM ON VIDEO NOW ON DECIDER * T.J. HOLMES SAYS ABC IS “PROBABLY GOING TO FIRE” SARA HAINES FROM ‘THE VIEW’ OVER HER FRIENDSHIP WITH AMY ROBACH See All The IRS is delaying a rule change that would force people to report income over $600 paid through popular apps such as Venmo and Paypal AP Reporting requirements do not apply to personal transactions such as birthday or holiday gifts or splitting the cost of a meal or household bills, according to the agency. NurPhoto via Getty Images With the delay in place, users of third-party payment apps will not be required to fill out 1099-K’s in 2023 unless they received over $20,000 in income and engaged in more than 200 transactions. AP The agency, which delayed implementation of the rule last year as well, said it will treat 2023 "as an additional transition year" in an effort to "reduce the potential confusion" about the new tax obligation. REUTERS You are viewing 1 of 4 images Previous Image Next Image Advertisement MORE STORIES PAGE SIX SEAN 'DIDDY' COMBS ACCUSED OF GANG-RAPING 17-YEAR-OLD SCHOOLGIRL IN FOURTH SEX ASSAULT CLAIM NYPOST I FLEW ON EPSTEIN'S JET TWICE AND MY EX HAD 'RELATIONSHIP' WITH GHISLAINE MAXWELL, RFK JR. REVEALS * Facebook * Twitter * Instagram * LinkedIn * Email * YouTube * Sections & Features * News * Metro * Sports * Sports Betting * Business * Opinion * Entertainment * Fashion & Beauty * Shopping * Lifestyle * Real Estate * Media * Tech * Health * Travel * Astrology * Video * Photos * Visual Stories * Alexa * Covers * Horoscopes * Sports Odds * Podcasts * Crosswords & Games * Columnists * Classifieds * Post Sports+ * Subscribe * Articles * Manage * Newsletters & Feeds * Email Newsletters * RSS Feeds * NY Post Official Store * Home Delivery * Subscribe * Manage Subscription * Delivery Help * Help/Support * About New York Post * Customer Service * Apps Help * Community Guidelines * Contact Us * Tips * Newsroom * Letters to the Editor * Licensing & Reprints * Careers * Vulnerability Disclosure Program * Apps * iPhone App * iPad App * Android Phone * Android Tablet * Advertise * Self Service * Media Kit * Contact © 2023 NYP Holdings, Inc. All Rights Reserved Terms of Use Membership Terms Privacy Notice Sitemap -------------------------------------------------------------------------------- Your California Privacy Rights Manage Choices SHARE LINK click to copy WE VALUE YOUR PRIVACY We and our 39 partners store and/or access information on a device, such as unique IDs in cookies to process personal data. You may accept or manage your choices by clicking below, including your right to object where legitimate interest is used, or at any time in the privacy policy page. These choices will be signaled to our partners and will not affect browsing data.Cookie Notice WE AND OUR PARTNERS PROCESS DATA TO PROVIDE: Actively scan device characteristics for identification. Use precise geolocation data. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development. List of Partners (vendors) Allow All Manage Choices ABOUT YOUR PRIVACY * YOUR PRIVACY * STRICTLY NECESSARY COOKIES * FUNCTIONAL COOKIES * ANALYTICS COOKIES * TARGETING COOKIES * STORE AND/OR ACCESS INFORMATION ON A DEVICE 33 PARTNERS CAN USE THIS PURPOSE * PERSONALISED ADVERTISING AND CONTENT, ADVERTISING AND CONTENT MEASUREMENT, AUDIENCE RESEARCH AND SERVICES DEVELOPMENT 39 PARTNERS CAN USE THIS PURPOSE * ACTIVELY SCAN DEVICE CHARACTERISTICS FOR IDENTIFICATION 3 PARTNERS CAN USE THIS PURPOSE * ENSURE SECURITY, PREVENT AND DETECT FRAUD, AND FIX ERRORS 31 PARTNERS CAN USE THIS PURPOSE * MATCH AND COMBINE DATA FROM OTHER DATA SOURCES 20 PARTNERS CAN USE THIS PURPOSE * LINK DIFFERENT DEVICES 20 PARTNERS CAN USE THIS PURPOSE * DELIVER AND PRESENT ADVERTISING AND CONTENT 30 PARTNERS CAN USE THIS PURPOSE * IDENTIFY DEVICES BASED ON INFORMATION TRANSMITTED AUTOMATICALLY 22 PARTNERS CAN USE THIS PURPOSE * USE PRECISE GEOLOCATION DATA 13 PARTNERS CAN USE THIS PURPOSE YOUR PRIVACY We process your data to deliver content or advertisements and measure the delivery of such content or advertisements to extract insights about our website. We share this information with our partners on the basis of consent and legitimate interest. You may exercise your right to consent or object to a legitimate interest, based on a specific purpose below or at a partner level in the link under each purpose. These choices will be signaled to our vendors participating in the Transparency and Consent Framework. More information about your privacy List of IAB Vendors STRICTLY NECESSARY COOKIES Always Active These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information. FUNCTIONAL COOKIES Functional Cookies No Consent These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly. ANALYTICS COOKIES Analytics Cookies No Consent We may also partner with our affiliated companies, social media platforms and other third parties where those companies and platforms gather information through advertising cookies of users of our site in order to deliver targeted advertising campaigns or advertisements to such users while they are on those social media platforms. TARGETING COOKIES Targeting Cookies No Consent These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising. STORE AND/OR ACCESS INFORMATION ON A DEVICE 33 PARTNERS CAN USE THIS PURPOSE Store and/or access information on a device No Consent Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here. List of IAB Vendors | View Illustrations PERSONALISED ADVERTISING AND CONTENT, ADVERTISING AND CONTENT MEASUREMENT, AUDIENCE RESEARCH AND SERVICES DEVELOPMENT 39 PARTNERS CAN USE THIS PURPOSE Personalised advertising and content, advertising and content measurement, audience research and services development No Consent * USE LIMITED DATA TO SELECT ADVERTISING 33 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Advertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you). View Illustrations * CREATE PROFILES FOR PERSONALISED ADVERTISING 27 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Information about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities. View Illustrations * USE PROFILES TO SELECT PERSONALISED ADVERTISING 28 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Advertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects. View Illustrations * CREATE PROFILES TO PERSONALISE CONTENT 8 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests. View Illustrations * USE PROFILES TO SELECT PERSONALISED CONTENT 7 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Content presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects, such as by adapting the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests. View Illustrations * MEASURE ADVERTISING PERFORMANCE 31 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns. View Illustrations * MEASURE CONTENT PERFORMANCE 12 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you. View Illustrations * UNDERSTAND AUDIENCES THROUGH STATISTICS OR COMBINATIONS OF DATA FROM DIFFERENT SOURCES 19 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents). View Illustrations * DEVELOP AND IMPROVE SERVICES 26 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers. View Illustrations * USE LIMITED DATA TO SELECT CONTENT 5 PARTNERS CAN USE THIS PURPOSE Switch Label No Consent Content presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you). View Illustrations List of IAB Vendors ACTIVELY SCAN DEVICE CHARACTERISTICS FOR IDENTIFICATION 3 PARTNERS CAN USE THIS PURPOSE Actively scan device characteristics for identification No Consent With your acceptance, certain characteristics specific to your device might be requested and used to distinguish it from other devices (such as the installed fonts or plugins, the resolution of your screen) in support of the purposes explained in this notice. List of IAB Vendors ENSURE SECURITY, PREVENT AND DETECT FRAUD, AND FIX ERRORS 31 PARTNERS CAN USE THIS PURPOSE Always Active Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them. List of IAB Vendors | View Illustrations MATCH AND COMBINE DATA FROM OTHER DATA SOURCES 20 PARTNERS CAN USE THIS PURPOSE Always Active Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice. List of IAB Vendors LINK DIFFERENT DEVICES 20 PARTNERS CAN USE THIS PURPOSE Always Active In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices). List of IAB Vendors DELIVER AND PRESENT ADVERTISING AND CONTENT 30 PARTNERS CAN USE THIS PURPOSE Always Active Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device. List of IAB Vendors | View Illustrations IDENTIFY DEVICES BASED ON INFORMATION TRANSMITTED AUTOMATICALLY 22 PARTNERS CAN USE THIS PURPOSE Always Active Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice. List of IAB Vendors USE PRECISE GEOLOCATION DATA 13 PARTNERS CAN USE THIS PURPOSE Use precise geolocation data No Consent With your acceptance, your precise location (within a radius of less than 500 metres) may be used in support of the purposes explained in this notice. List of IAB Vendors Back Button COOKIE LIST Filter Button Consent Leg.Interest checkbox label label checkbox label label checkbox label label Clear checkbox label label Apply Cancel Confirm My Choices Reject All Allow All