Taxpayers need to prepare to report transactions exceeding $600 that are received through Venmo, PayPal and other cash apps to the IRS starting in 2023.
Sen. Mike Braun, R-Ind., explains the details regarding the IRS starting to send out 1099-K forms for some payments on ‘Fox Business Tonight.’
Third-party payment processors will now be required to report a user's business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year."I think it will come as a shock out of nowhere that people are getting these," Nancy Dollar, a tax lawyer at Hanson Bridgett, told FOX Business.
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