Venmo, PayPal, Cash App to report business transactions of $600 or more to IRS – fox2now.com
FOX 2
by: Elizabeth Barmeier
A calculator and tax books (Nexstar, file)
ST. LOUIS – For those who use peer-to-peer (P2P) payment apps such as Venmo, PayPal, or Cash App for business, payments received of $600 or more in a calendar year are now required to be reported to IRS.
This new law went into effect at the beginning of 2022, however, it will not apply for the 2021 tax season, according to a Fox Business article. For those who will meet the new threshold this year, P2P payment platforms will be sending out 1099-K tax forms during next year’s tax season.
If users do not receive a 1099-K tax form, they are still required to report their earnings to the IRS.
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 article by Intuit TurboTax.
The Fox Business article states that payment apps may ask for 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’s not already on file.
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