[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-301380-105":53,"doc-detail-301380-en":125},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":118,"head_meta":120,"extra_data":122,"updated_unix":124},105,"en","important-update-for-paypal-and-venmo-users-irs-postpones-1099-k-reporting-requirement","Important Update for PayPal and Venmo Users - IRS Postpones 1099-K Reporting Requirement","","The IRS has delayed the 1099-K reporting requirement that was created by a 2021 law affecting platforms such as PayPal, Venmo, and Etsy. The delay applies to the 2024 filing season, bringing relief to casual sellers, but taxpayers must still report income from reportable transactions. For upcoming years, the IRS is expected to align with an evolving threshold—starting with old rules and moving toward a $5,000 level for tax year 2024—while Congress debates alternatives to reduce confusion and improve reporting clarity.",{"@graph":63,"@context":117},[64,80,100],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/important-update-for-paypal-and-venmo-users-irs-postpones-1099-k-reporting-requirement/301380/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":94,"encodingFormat":93,"isAccessibleForFree":95,"interactionStatistic":96},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/important-update-for-paypal-and-venmo-users-irs-postpones-1099-k-reporting-requirement/301380.png","ImageObject",442,249,{"name":88,"@type":89},"Violet","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-19",true,{"@type":97,"interactionType":98,"userInteractionCount":9},"InteractionCounter",{"@type":99},"ViewAction",{"@type":101,"mainEntity":102},"FAQPage",[103,109,113],{"name":104,"@type":105,"acceptedAnswer":106},"What did the IRS do regarding the 1099-K requirement?","Question",{"text":107,"@type":108},"The IRS delayed the 1099-K reporting requirement tied to a 2021 law for the 2024 filing season.","Answer",{"name":110,"@type":105,"acceptedAnswer":111},"Does the delay mean users won’t have to report their income?",{"text":112,"@type":108},"No. Even with the delay, taxpayers remain responsible for reporting income from these transactions on their tax returns.",{"name":114,"@type":105,"acceptedAnswer":115},"What reporting thresholds are mentioned for the upcoming filing seasons?",{"text":116,"@type":108},"The IRS keeps the older threshold for the upcoming season—transactions over $20,000 in gross payments and more than 200 transactions—and plans to transition starting in tax year 2024 toward a $5,000 threshold.","https://schema.org",{"og:url":78,"og:type":119,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":121,"canonical":78},"index,follow",{"doc_id":123,"site_id":56},301380,1789781680,{"code":4,"msg":5,"data":126},{"doc_id":123,"user_id":127,"nickname":88,"user_avatar":128,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":129,"file_id":130,"file_url":131,"file_type":132,"file_size":133,"view_count":9,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":25,"language":134,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":135,"faqs":136,"seo_title":137,"seo_description":61,"update_tm":124,"read_time":47},4398048950312,"https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908","IMPORTANT UPDATE FOR PAYPAL AND VENMOUSERS: IRS POSTPONES 1099-K REPORTING REQUIREMENT!  \nThe IRS recently made a significant decision that could impact users of platforms like PayPal’s Venmo and Etsy. It has chosen to delay a requirement set by a 2021 law, which mandates companies to send tax forms (1099-K) to customers involved in business transactions surpassing $600.  \nKey Takeaways from the Delay  \nThis delay for the 2024 filing season brings a sigh of relief for casual sellers, as they will not be receiving the 1099-K form for now, which usually contains information about gross payments made on these platforms. However, keep in mind that taxpayers are still responsible for reporting their income from these transactions on their tax returns.  \nChanges in Reporting Thresholds  \nFor the upcoming filing season, the IRS is sticking to the old reporting threshold. This requires e-commerce companies to report transactions exceeding $20,000 in gross payments and more than 200 transactions. However, there is a significant change in the pipeline! Starting in tax year 2024, the IRS plans to transition to a new rule, gradually increasing the reporting threshold from $600 to $5,000 .  \nSteering Clear of Confusion  \nOne reason behind this delay is the confusion among taxpayers about which transactions are reportable under the new law. For instance, sales between friends and family or selling personal items like used clothing, furniture, or other household goods at a loss might trigger a 1099-K, even though they don’t result in tax liabilities. On the flip side, sales by small businesses generating profit could be taxable.  \nCongress’ Response  \nLawmakers are actively proposing various thresholds—$5,000, $10,000, and $20,000—to simplify things for taxpayers. Meanwhile, the IRS is proceeding cautiously, working to implement the law while legislators explore potential solutions.  \nYour Input Matters: Seeking Feedback  \nThe IRS wants your input! It is open to suggestions about the $5,000 threshold for 2024 and  \nstrategies to streamline reporting for taxable transactions. Tax professionals and anyone affected by these changes are encouraged to share their thoughts.  \nWhat to Expect Next  \nTo sum up, personal transactions like splitting bills won’t fall under the reporting requirements. But keep in mind, there’s a $5,000 threshold planned for 2024. The IRS aims to simplify the reporting process for taxpayers and tax pros amidst these changes.  \nBottom Line  \nThe IRS has hit pause and is transitioning to a $5,000 threshold for 2024, all in an effort to strike a balance between compliance and reducing confusion for taxpayers. As the IRS continues to navigate these changes, your feedback remains critical in shaping a more manageable way to report taxable transactions.  \nSUPER LAWYERS RECOGNIZES 28 O’NEIL CANNON ATTORNEYS  \nEach year, Super Lawyers surveys the State of Wisconsin’s 15,000 attorneys and judges, seeking the State’s top attorneys. Recently, Super Lawyers published its lists for 2023, which include the Top 10 Attorneys in Wisconsin, Top 50 Attorneys in Wisconsin, Top 25 Attorneysin Milwaukee, Super Lawyers (consisting of the top 5% of attorneys in Wisconsin), and Rising Stars (consisting of attorneys who are 40 years old or younger or who have been in practice for 10 years or less) .  \nTwenty-nine of our attorneys were recognized by Super Lawyers, which has referred to the firm as “the Milwaukee mid-sized powerhouse.” Those attorneys are the following:  \n Nick Chmurski:  \n Rising Star  \n Doug Dehler:  \n Super Lawyer  \n Jim DeJong:  \n Super Lawyer  \n Seth Dizard:  \n Top 50 Attorneys in Wisconsin  \n Top 25 Attorneys in Milwaukee  \n Super Lawyer  \n Pete Faust:  \n Super Lawyer  \n John Gehringer:  \n Super Lawyer  \n Joseph Gumina:  \n Super Lawyer  \n Jessica Haskell:  \n Rising Star  \n Mike Kennedy:  \n Rising Star  \n Grant Killoran:  \n Super Lawyer  \n Dean Laing:  \n Top 10 Attorneys in Wisconsin  \n Top 50 Attorneys in Wisconsin  \n Top 25 Attorneys ","cbCaii9CYQECNC0y","https://ap.wps.com/l/cbCaii9CYQECNC0y","pdf",113622,"English","# IRS postpones 1099-K reporting requirement\n## Delay impact for casual sellers\n## Reporting thresholds and the shift to $5,000\n## Avoiding confusion about reportable transactions\n## Congressional response and IRS next steps","[{\"question\":\"What did the IRS do regarding the 1099-K requirement?\",\"answer\":\"The IRS delayed the 1099-K reporting requirement tied to a 2021 law for the 2024 filing season.\"},{\"question\":\"Does the delay mean users won’t have to report their income?\",\"answer\":\"No. Even with the delay, taxpayers remain responsible for reporting income from these transactions on their tax returns.\"},{\"question\":\"What reporting thresholds are mentioned for the upcoming filing seasons?\",\"answer\":\"The IRS keeps the older threshold for the upcoming season—transactions over $20,000 in gross payments and more than 200 transactions—and plans to transition starting in tax year 2024 toward a $5,000 threshold.\"}]","Important Update for PayPal and Venmo Users - IRS Postpones 1099-K Reporting Requirement | PDF"]