Money Minute: Will PayPal, Cash App and Venmo report you to the IRS?

There has been a 1099-K tax form delay and this matters if you have a side hustle.

In 2021, Congress approved what’s known as the 3rd party settlement organizations threshold. That includes things like PayPal, Cash App and Venmo.

The new business transaction threshold under the law is only $600. The old rule was 200 transactions for a total amount exceeding $20,000.

The IRS decided to make 2023 a transitional year to get everyone on board for future compliance.

Learn more in the video report above.

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About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.