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Also, the new law is not a change in the tax code. It's simply a change in tax reporting for these third-party companies. The changes aren’t limited to popular, big-brand payment apps.
Millions of businesses accept electronic payments for their services, but the IRS is cracking down on these types of charges, including apps like Venmo, Paypal, Cash App, and Zelle.
If you're among the millions of people who use payment apps like PayPal, Venmo, Square, and other payment apps, you could be affected by a tax reporting change that goes into effect in January.
The rule change — approved by Democrats in March 2021 with the passage of the American Rescue Plan — would have required payments platforms, including Venmo, PayPal, Etsy and Airbnb, to send ...
The IRS announced it won’t require platforms such as Paypal and Venmo to issue a tax when a user’s business transfers exceed $600. The pre-2022 threshold of 200-plus transactions worth an ...
Millions of businesses accept electronic payments for their services, but the IRS is cracking down on these types of charges, including apps like Venmo, Paypal, Cash App, and Zelle.
The tax reporting change will only apply to payments for goods and services exchanged, not to family and friends. "There's definitely going to be some nuances and growing pains with this," said ...
By: WTVF Staff Posted at 1:09 PM, Nov 18, 2021 and last updated2021-11-18 13:09:20-05 ...