The IRS is now Requiring Payment Apps to Report Earnings Exceeding $600

2022-07-08T14:45:01-04:00

Beginning with the 2022 tax year, annual business earnings exceeding $600 received through apps like Venmo, Zelle, Cash app or PayPal, must be reported to the IRS. The new tax law was included in the 2021 American Rescue Plan and went into effect on January 1st, 2022. Previously, third-party payment platforms were required to report [...]