New IRS $600 Tax Threshold Coming Jan 1st | Tax News

New IRS $600 Tax Threshold Coming Jan 1st | Tax News

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Over the past few weeks many people have been asking me about the new RS tax threshold of $600. We now have more updates from this from the IRS themselves. The third-party payment tax will start on January 1st 2023, and we all need to be ready for this. You can call this the third-party payment tax you can call it the $600 tax, you can call it the venmo tax, or even the PayPal tax. No matter what you call this this is part of the United States new taxes. This provision was passed under the American Rescue plan under President Biden back in March of 2021. Yes this is going to change your taxes for 2022 and 2023. If you are not planning for this new IRS $600 tax threshold that is coming on January first then be prepared because tax experts participate everybody will receive the new 1099 – k.

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