An IRS press release in late December announced a delay in the $600 reporting rule for companies like PayPal and Venmo. The rule will no longer apply to the 2022 tax year.

The $600 rule would have created IRS issues for many people this year. The IRS had previously warned taxpayers about filing their tax returns early due to the new $600 threshold rule. One of the problems with the $600 reporting rule was that the IRS had no way of knowing if the money you received was taxable income.