Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS
President Biden’s IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed $600 in one year.
The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them.
Retiree News 
Comments are closed.