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IRS announces delay in payment app rule change

Venmo app Courtesy photo 091619
Posted at 12:34 PM, Dec 26, 2022
and last updated 2022-12-26 15:34:54-05

(KERO) — Anyone getting paid for their goods and services through apps like Venmo or CashApp just got a reprieve from the IRS.

The IRS announced on Friday, Dec 23 that it would delay the implementation of a rule change that would have resulted in a virtual paper chase of tax forms going out to anyone using apps for business transactions by Jan 31. The IRS has postponed it by a year.

The move follows concerns from the tax preparation community, the electronic transactions industry, and some lawmakers.