IRS Again Postpones Tax Reporting of $600 Payments - Think Outside the Tax Box

IRS Again Postpones Tax Reporting of $600 Payments

The federal government is there to reduce taxpayer confusion.

That, at least, was one point of the reasoning for the recent IRS decision to again postpone a $600 tax-reporting threshold for people paid via third-party settlement networks. Those who made that amount on the likes of eBay and other online sales sites and who received payment via such platforms as PayPal and Venmo will not have that money reported to the IRS for another year.

Does this really let taxpayers off the hook? What strategies should you adapt for when the IRS does mandate this reporting?

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