Taxpayers need to prepare to report transactions exceeding $600 that are received through Venmo, PayPal and other cash apps to the IRS starting in 2023.
Sen. Mike Braun, R-Ind., explains the details regarding the IRS starting to send out 1099-K forms for some payments on ‘Fox Business Tonight.’targeting Americans who made money online through third-party apps like Venmo or PayPal could cause serious confusion for taxpayers, according to an industry group that is calling on the government to immediately delay implementing the rule.
Third-party payment processors will now be required to provide both users and the IRS with Form 1099-K if they add up to more than $600 over the course of the year. Previously, the payment apps were required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year. Democrats made the change in March 2021, when they passed the American Rescue Plan without any Republican votes.
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