Crackdown On Cash App/Paypal/Venmo Transactions Over $600 Annually

Over Under

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Joined
Jun 17, 2021
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Per President Joe Biden, the IRS is cracking down on payments made through apps such as Venmo, PayPal and Cash App to report transactions that exceed $600 in one year.

Payment apps were already required to send users 1099-K forms if their gross income was more than $20,000 or had more than 200 transactions per year, but many did not keep record of their smaller transactions.
 

BobbyFK

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Oct 19, 2021
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I think it only applies to businesses though and not individuals?
 
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