Key Points
- The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called “third-party” facilitators such as Venmo and PayPal.
- The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal to file a tax form known as Form 1099-K.
- The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency.
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