Tag Archives: IRS announcement

IRS Again Delays Reporting Requirement for Commercial Transactions involving Venmo and other Payment Apps by Savannah Cabrera Snow, CPA

Posted on January 16, 2024 by Savannah Cabrera Snow

For the second consecutive year, the IRS is postponing the implementation of a 2021 law requiring e-commerce companies and mobile payment platforms, such as Venmo, PayPal, Cash App and Square, to report certain business transactions to the IRS annually and issue to customers Forms 1099-K, Payment Card and Third-Party Network Transaction. Therefore, only taxpayers who […]