After pushback from e-commerce platforms and members of Congress, the Internal Revenue Service is delaying the new tax reporting requirements for users of apps such as Venmo, Cash App and Paypal.  As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. The transition period described in Notice 2023-10, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022. The one-year delay will give taxpayers more time to better understand and prepare for the new requirements. It has been noted that the law is NOT intended to track personal transactions. Rather, it applies to taxpayers who have processed more than $600 in business transactions through these apps. https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k