IRS warns Venmo and PayPal users about major tax filing changes ahead of this year’s deadline

IRS warns Venmo and PayPal users: The IRS has delayed the $600 reporting threshold for Venmo and PayPal users. For the 2026 tax season, the reporting limit reverts to $20,000 and 200 transactions. This major shift simplifies filings for casual sellers. Additionally, the One Big Beautiful Bill Act introduces massive deductions for seniors, service workers, and car owners. Taxpayers can now claim breaks on tips, overtime pay, and vehicle loan interest starting January 26.