IRS delays new tax-reporting rule on Venmo, PayPal payments over $600
(www.foxbusiness.com)
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My accountant informed me it was only for business transactions- for this year.
However, this is good because we know they wouldn't have stopped there.
No he wasn't. Look it up yourself it's payments or accepting payments for services
If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600.
It is not for personal transactions, like if I sent Grandma $1000 for personal use.
But yes, it's great that it's delayed because we know where it would be headed