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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...
In turn, for this tax season, the reporting requirement for payments above $20,000 and exceeding 200 transactions within the calendar year will remain, instead of the much lowered new $600 amount.
If you use peer-to-peer (P2P) payment apps like PayPal and Venmo, you may be wondering how they fit into the bigger picture when you're filing your taxes. Here's everything you need to know tax ...
It should be noted that this tax rule, though initially targeting tax year 2022, was delayed by a year to instead take effect for tax year 2023 (period beginning Jan. 1, 2023).
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