Raising Online Transaction Reporting Threshold to $10,000 or 50 Transactions.
This bill raises the threshold at which third-party payment platforms (like Venmo or PayPal) must report commercial transactions to the IRS. Reporting is now only required if the annual payment amount exceeds $10,000 or the total number of transactions exceeds 50. This change aims to reduce the administrative burden and 'red tape' for small businesses and casual sellers.
Key points
Payment platforms are exempt from reporting your transactions to the IRS if the annual total does not exceed $10,000.
Reporting is also waived if the aggregate number of commercial transactions during the year is 50 or less.
These new reporting limits apply retroactively to transactions settled after December 31, 2022.
Status:
Expired
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