Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS
President Biden’s IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed $600 in one year. The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them. Beginning … Read more