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Roll Call

Laura Weiss

IRS delays new online sellers’ tax reporting threshold - Roll Call

IRS Roll Call Jason Smith Sherrod Brown Venmo

The IRS is postponing a lower threshold for reporting online sales and gig work by another year until 2024, a reprieve that could give lawmakers time to enact a more permanent fix.

The agency is also adding a transition year by setting a $5,000 threshold for transactions in 2024 and delaying the onset of the new $600 threshold until 2025, the IRS announced Tuesday afternoon.

It’s a bold move for the IRS after the $600 threshold for reporting transactions from sales and gig work on platforms like Venmo, PayPal, Uber, Airbnb and eBay was supposed to take effect in 2022, with more tax forms going out for the first time in the 2023 tax season.

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