Reporting Venmo, Paypal, & Cashapp Payments of $600 or more to IRS in 2022
There have been many questions regarding the recent changes to upcoming tax reporting requirements that could impact the information that peer-to-peer payment services (such as Venmo, Paypal, and Cashapp) share with the IRS about transactions made for the sale of goods and services that exceed $600 in a year. Third-party payment apps were required to report gross income for users who exceed $20,000 or who have 200 separate transactions within the calendar year. So while the law is not new, it has changed. However, one thing that has not changed is how the information is reported - on Form 1099-K....
January 20, 2022
0