IRS 1099-K Update: Venmo, PayPal and Cash App Users Should Know About This New Tax Rule

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IRS 1099-K Update: Venmo, PayPal and Cash App Users Should Know About This New Tax Rule

//business-finance.news-articles.net/content/202 .. p-users-should-know-about-this-new-tax-rule.html

Published in Business and Finance on Monday, January 13th 2025 at 13:20 GMT by CNET
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Originally set to kick off at the beginning of 2022, the IRS planned to implement a new reporting rule that would require third-party payment apps, like PayPal, Venmo or Cash App to report income of over $600 or more per year to the tax agency. The IRS delayed this new reporting requirement in 2022 and again in 2023.

The IRS has introduced a new tax reporting rule affecting users of payment apps like Venmo, PayPal, and CashApp. Previously, these platforms were required to issue a 1099-K form only if a user had over 200 transactions and more than $20,000 in payments. However, under the new rule, starting from the tax year 2023, a 1099-K will be issued for anyone receiving over $600 in payments, regardless of the number of transactions. This change aims to increase tax compliance by capturing more income from gig work, freelancing, and other informal income sources. Users should be aware that this form does not necessarily mean they owe taxes on the full amount, as personal transactions like splitting bills or gifts are not taxable. Nonetheless, it's crucial for users to keep accurate records to distinguish between taxable and non-taxable transactions.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/irs-1099-k-update-venmo-paypal-and-cash-app-users-should-know-about-this-new-tax-rule/ ]

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