The Internal Revenue Service is delaying new requirements that require third-party settlement organizations like PayPal and Venmo to report transactions that exceed a minimum threshold of $600 in aggregate payments until next year. 

"The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements," acting IRS Commissioner Doug O'Donnell said in a statement that described the current year as a "transition period."

Introduced as part of the American Rescue Plan of 2021, the regulation significantly lowered the tax reporting threshold for business transactions to $600 per year from a previous level of "more than 200 transactions per year, exceeding an aggregate amount of $20,000."

(by Jeremy Nation)