Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS

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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.

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Beginning Jan. 1, 2022, third-party payment processors were required to report such transactions. Though businesses were always required to self-report such incomes to the IRS, many often did not keep record of their smaller transactions.

The payment apps were previously required to send users 1099-K forms if their gross income exceeded $20,000 or they had more than 200 transactions per year.

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The new tax law was part of the March 2021 American Rescue Plan, which passed with no Republican votes.
www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

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