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Venmo, PayPal, Cash App to report business transactions of $600 or more to the IRS

Por Lavoragine @delavoragine

Trend: 7 Missourians charged in catalytic converter theft ring This new law went into effect in early 2022, however, it will not apply for the 2021 tax season, according to a Fox Business article. For those who reach the new threshold this year, P2P payment platforms will submit 1099-K tax forms during next year's tax season.

P2P payment platforms were previously required to send their users 1099-K tax forms to those who received more than $20,000 in gross payment volume and more than 200 separate payments in a calendar year for goods and services, according to an Intuit TurboTax article.

If users do not receive a 1099-K tax form, they are still required to report their income to the IRS.

The Fox Business article indicates that payment apps may request additional information from users in order to properly report their transactions, including Employer Identification Number (EIN), Individual Tax Identification Number (ITIN ) or Social Security Number (SSN) if it is not already. checked in.

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