This upcoming tax season will be the first time a 1099-k form, detailing these transactions, is sent to so many Americans.
There is a push on capitol hill to delay this law, but so far that hasn't passed. Many Americans, from photographers to barbers, have been getting paid through these apps for years. The change was made by President Biden when he signed The American Rescue Plan last year and is designed to catch some Americans who are not fully reporting their income. The issue is that these payment sites, starting this year, have to report more transactions to the IRS creating a possible issue in the coming weeks for millions of Americans.įor years – Venmo, Paypal, Etsy, and others only reported transactions to the IRS when at least $20,000 was processed by an account user in a given year. Well, if you like to send a lot of cash to friends through apps like Papal or Venmo these days, you may want to listen up. But I am talking about taxes.Īnd helping you not make a grave mistake in the coming weeks with the IRS.
The good news for you is I am not here to talk about death. WASHINGTON - Benjamin Franklin famously said, "Nothing is certain except death and taxes."
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