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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...
The law will not affect the amount of taxes owed, but it will change how you report income with 1099-K forms. ... Currently, if someone paying a freelancer via Venmo, Zelle, or CashApp sends a ...
If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year. The tax filing ...
However, if you are a gig worker or have a side hustle selling items and receive payments from customers through Zelle, PayPal or CashApp, you may get a 1099-K from the network. For example, if ...
Nearly every platform, including PayPal and Venmo, make it possible to process transactions as “friends and family” to avoid being accidentally taxed. Zelle, however, does not offer this ...
Even at the $5,000 level, companies are expecting to issue 150% more 1099-K forms than has been typical, said Wendy Walker, a vice president of regulatory affairs at Sovos, a business compliance ...
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Small businesses, independent contractors and gig workers who want to avoid reporting income paid through P2P apps like Venmo and PayPal might have found a loophole -- and it could be costing the...