HAL1000 Posted January 7, 2022 Share Posted January 7, 2022 As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March. Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said. Starting Jan. 1, the IRS said, if a person accrues more than $600 annually in commercial payments on an app like Venmo, then Venmo “must file and furnish a Form 1099-K” for them — reporting on all the commercial income they collected through the app. The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill. https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260 brianwalden 1 Link to comment Share on other sites More sharing options...
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