New IRS Rule on Venmo, Paypal, Cash App Earnings Could 'Come as a Shock' to Taxpayers

Megan Henney : Dec 12, 2022
FoxBusiness.com

[FoxBusiness.com] ...Beginning next year, taxpayers must report to the IRS transactions of at least $600 that are received through payment apps like Venmo, PayPal and Cash App. Third-party payment processors will now be required to report a user's business transactions to the IRS if they exceed $600 for the year ... The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year... Subscribe for free to Breaking Christian News here Click here to read

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