IRS rule on reporting payments from apps, online sales in 2023 DELAYED!!

Payment platforms, like Venmo and CashApp, and online marketplaces, like Esty and Fiverr, were supposed start reporting payments to the IRS for users who sold over $600 in goods and services during 2023.

That income was to be reported on a Form 1099-K. And, it would have meant many creators would several additional tax forms for transactions made through apps and platforms they used throughout the year.

But this week, the IRS announced that reporting requirement has been delayed — again.

“The agency will treat 2023 as an additional transition year,” the IRS said.

If the requirement proceeded as planned, about 44 million 1099-K forms would have been sent out for this year, according to IRS, which admits “the risk of massive confusion.”

Many of the forms would have went to “taxpayers who wouldn’t expect one and may not have a tax obligation.”

This requirement, which came to be as part of the American Rescue Plan, was supposed to go into effect last year. But it was delayed then because, like now, the government wasn’t ready.

Problems with the rule

This incompetent rule came from legislators who were so focused on a new way for the…