What information does the IRS collect from taxpayers on Venmo, PayPal?

What information does the IRS collect from taxpayers on Venmo, PayPal?
Hmm Venmo or Zelle? by Tech Daily is licensed under Unsplash unsplash.com
With tax season officially underway, Americans should be on the lookout for new laws that could affect their taxes.

That includes millions of self-employed individuals and other people with side hustles who rely on payment apps like Venmo, PayPal and Cash App – and who could be subject to a new tax law that just took effect in January.

Beginning this year, third-party payment processors will be required to report a user's business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year.

The new rule is intended to help crack down on tax cheats.
Hmm Venmo or Zelle? by Tech Daily is licensed under Unsplash unsplash.com

Help FAIRtax Become The Number One Issue in 2024

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.

Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share

© 2014 - 2024, FAIRtax, all rights reserved
Privacy Policy | Terms of Use