The IRS wants to know if you earn more than $600 on Venmo

The IRS wants to know if you earn more than $600 on Venmo
Venmo by Tech Daily is licensed under Unsplash unsplash.com

If your side hustle yields more than $600 on Venmo this year, the Internal Revenue Service will soon know your identity and expect you to report any taxable income.

Popular peer-to-peer payment apps like Venmo, Paypal or Cash App are now required by law to report to the IRS their users’ 2022 business transactions if they exceed a combined total of $600 in a year.

The companies will send 1099-K forms to users to inform them of their total taxable income. Failure to include these forms with your tax return could trigger an IRS audit. 

 

Venmo by Tech Daily is licensed under Unsplash unsplash.com

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