$600 transactions must be reported to the IRS as Biden plans to ramp up financial enforcement

Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement

  • The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them
  • Beginning Jan. 1, 2022, third-party payment processors were required to report such transactions
  • The changes will be included during the 2022 tax season 
  • The payment apps were previously required to send users 1099-K forms if their gross income exceeded $20,000 or had more than 200 transactions per year

 

0 0 0 0 1 0
StreetLoc is one of America’s fastest-growing Social Media companies. We do not employ woke kids in California to “police” your thoughts and put you in “jail”.
StreetLoc is designed for Family, Friends, Events, Groups, Businesses and People. JOIN TODAY

  • More
Comments (0)
    Author
     ·   · 1306 news
    •  · 418 friends
    •  · 467 followers
    Join StreetLoc

    Already a member? Log in.
    Latest Videos (Gallery View)