Crooked IRS Warns Americans To Report Annual PayPal, Venmo Transactions Exceeding $600 Per Year The Internal Revenue Service is warning Americans that they need to prepare to report transactions of at least $600 per year through ‘third-party’ payment processors such as Venmo and PayPal.
(Tada Images/Shutterstock) In a notice posted Tuesday to irs.gov, businesses and the self-employed are warned that cumulative income of at least $600 per year through apps – which also include Zelle and Cash App – will need to be reported on a tax form known as 1099-K, according to Marketwatch.
It does not apply to non-commercial transactions such as reimbursing people, or one-off transactions such as selling old furniture, Marketwatch reports.
When Congress passed the American Rescue Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600.
The Biden administration hopes that by reducing the threshold, the measure will crack down on Americans evading taxes by not reporting the full extent of their gross income.
The post Crooked IRS Warns Americans To Report Annual PayPal, Venmo Transactions Exceeding $600 Per Year appeared first on NWO Stop.
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