Venmo, PayPal Must Report Goods and Services Payments of $600 or Above to IRS

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Third-party payment apps must report goods and services payments of $600 or above to Internal Revenue Service (IRS) starting from Jan. 1.

The new rule will affect all main payment apps including PayPal, Venmo, Cash App, Zelle, Google Pay, etc.

The amended reporting threshold is part of the American Rescue Plan (pdf) which was passed by the Democrats without a single Republican vote in March 2021.

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