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In 2021, lawmakers included a change to the tax law in the American Rescue Plan that requires third-party network transactions to note and report all payments greater than $600 sent through their...
But the good news is that Zelle is not subject to the same reporting laws as third-party payment networks. See: Ensure Your Venmo Transactions Aren’t Accidentally Taxed
The new IRS rules are fairly straightforward. As of Jan. 1, payment platforms like Venmo, PayPal and Zelle must report to the IRS the transactions of anyone who receives $600 or more per year in ...
Zelle has long argued its fraud and scam rates are low. It processed $629 billion worth of payments in 2022, according to the network, with 99.9% of transfers made without a fraud or scam report.
A Zelle spokeswoman had a similar take in an email to Bloomberg, saying that payments sent through its network “are not subject” to the new IRS law. Take Our Poll: How Much of a Tax Refund Do ...
Although originally planned, the IRS announced that it's delaying a new tax reporting law for third-party payment services like Zelle, Cash App, PayPal and Venmo to report earnings over $600 to the...
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Over 500,000 Zelle fraud claims in past few years at four major banks, report finds Here’s a breakdown of why the payment service has come under fire — and what you can watch for on Zelle to ...