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Home US News

IRS Watching Your $600+ Payments To Venmo, PayPal, Others

Just the News by Just the News
January 6, 2022
in US News
Reading Time: 1 min read
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IRS Watching Your $600+ Payments To Venmo, PayPal, Others

UKRAINE - 2021/04/30: In this photo illustration, PayPal logo is seen displayed on a smartphone screen in front of Venmo logo. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

President Joe Biden and Democrats in Congress passed a new rule that requires payment companies and cash applications such as Venmo and PayPal to report $600 or more of payments to the Internal Revenue Services.

The law was included in the Democrats’ $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning of this month.

The requirement covers payments received for good and services. The rule would apply to payment services like PayPal, Venmo, Zelle, Cash App and others.

Payment companies were required to only send users 1099-K forms “if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year,” according to Fox Business News.

The Democrats had considered a similar requirement for financial institutions to report more than $600 of activity in bank accounts to the IRS as a way for pay for their multi-trillion Build Back Better Act. The policy was ultimately abandoned by Democratic leaders.

SOURCE

Just the News

JusttheNews.com is committed to just reporting facts from journalists with a long record of public trust and excellence. In an era where opinion and supposition are too often substituted for fact and where journalists rush to get things first and hope their stories are correct, JusttheNews.com tries to stand out by returning to the bedrock promise of getting news first, but first getting it right. We try to deliver exclusive news you can trust.

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Tags: CashAppIRSPaypalPresident Joe BidenVenmoZelle

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