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

by TimeChangeEverything - 06 January, 2022 - 06:31 AM

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OP 06 January, 2022 - 06:31 AM

Quote: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. New reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them. The new rule is only for goods and services transactions, not personal, such as paying a roommate for rent or reimbursing a friend. The change will apply for the 2022 tax season.

Source: https://www.dailymail.co.uk/news/article...0-IRS.html

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06 January, 2022 - 06:36 AM

fuck biden!

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OP 06 January, 2022 - 06:38 AM

(06 January, 2022 - 06:36 AM)Omar Wrote: Show More
fuck biden!

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

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