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

[Over Under]

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]

I think it only applies to businesses though and not individuals?

 

[GamblingmanC's]

I think it only applies to businesses though and not individuals?

so they say, let's see what happens down the road

 

[MidnightMaddness]

I think it only applies to businesses though and not individuals?

I think your correct

 

[Over Under]

You guys might be right will have to research.