Per MarketWatch: The Internal Revenue Service will charge up $600 on Venmo and PayPal.
IRS has stated that Americans must report payments on Venmo, PayPal over $600
11/26/2022
Individuals must fill out a Form 1099-K.
Reportedly the attempt is to focus on gig work. Previously 1099-K report was at least 200 transactions totaling an aggregate of at least $20,000. Now it is $600.
MarketWatch reports that the Biden administration hopes that by reducing the threshold, the measure will crack down on Americans evading taxes.
This was also to help fund the social bill for climate programs, child care and education.
Read original article: https://www.marketwatch.com/story/irs-warns-americans-over-600-threshold-to-report-venmo-paypal-payments-11669480433?mod=media
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