The #IRS announced on Friday that it will delay the rollout of a new rule that was set to lower the tax reporting threshold for transactions businesses make through third-party payment platforms like #Venmo and #CashApp. The IRS said in a release that it chose to delay the lowering of the threshold to $600 following concerns that the agency and the Treasury Department received about the timeline. The American Rescue Plan, the $1.9 trillion COVID-19 stimulus package that Congress passed last year, includes a provision to require sellers to report if their transactions over these third-party networks exceed $600 in aggregate in a year, a significant drop from the previous threshold of more than 200 transactions exceeding $20,000 in a year. The provision was set to go into effect on Jan. 1, 2023, but the IRS said it will delay the implementation and that calendar year 2022 will be a “transition period” for the change.  Via thehill • Riemoh