Home Money IRS Pauses Rule Requiring People to Report Cashapp, PayPal, Venmo Transactions over $600.
Money

IRS Pauses Rule Requiring People to Report Cashapp, PayPal, Venmo Transactions over $600.

Share
Share

The IRS has announced a one-year pause on the new $600 tax-reporting threshold for individuals utilizing payment networks such as Cashapp, PayPal, and Venmo.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee….”

The 2021 American Rescue Plan legislation lowered the threshold from $20,000 to only $600, and it’s one of the most unpopular changes made by President Joe Biden. 

Press Release

Share
Written by
Michelle

All things MVEMNT!

Leave a comment

Leave a Reply

Featured Listings

listing image

Manifest

0 (0 review)
$$$$
listing image

BLK Swan

0 (0 review)
$$$$
Related Articles
MoneyNews

Tariffs Dropped—But Don’t Go Ballin’ Just Yet

After months of rising tension and wallet-squeezing price hikes, the U.S. and...

Money

Credit Score in the 600s? These Credit Cards Won’t Ghost You

The Best Credit Cards for People with 600-650 Credit Scores Alright, so...

Money

8 Black Women-Owned Businesses to Support in the DMV This Month

The DMV is home to an incredible number of Black women entrepreneurs...

Money

How the New Tariffs Will Impact Your Everyday Life—From Margaritas to Gas Prices

The U.S. has rolled out new tariffs on imported goods, and while...