IRS Pauses Rule Requiring People to Report Cashapp, PayPal, Venmo Transactions over $600
The IRS has announced a one-year pause on the new $600 tax-reporting threshold for individuals utilizing payment networks such as Cashapp, PayPal, and Venmo.
The 2021 American Rescue Plan legislation lowered the threshold from $20,000 to only $600, and it’s one of the most unpopular changes made by President Joe Biden.
Press Release From IRS