The IRS is postponing until next year the implementation of new rules that mandate third-party settlement companies like PayPal and Venmo to record payments that total more than $600 in cumulative transactions. IRS Delays Payments & Marks 2022 Transition Period In a statement that referred to the current year as a “transitional phase,”, IRS Commissioner Doug O’Donnell stated that the extra time will significantly lower confusion during the forthcoming 2023 tax filing period. Furthermore, it will provide additional time for taxpayers to arrange and recognize the new reporting standards. The law, included in the American Rescue Plan of 2021, drastically reduced The post IRS to Postpone $600 Payments System Reporting Threshold appeared first on Cryptoknowmics-Crypto News and Media Platform .
