Cash App Business Transactions Over $600 Will Have To Be Reported To IRS Starting In January
In January 2022, a new IRS policy will go into effect. This will mostly affect businesses that use cash apps like Venmo, Zelle, and Paypal, according to reports.
The new policy will permit the IRS to analyze cash app business transactions that are $600 or more. Right now, the amount that would cause them to take a deeper look is $20,000.
Personal transactions will not be subject to the regulations. However, people who are self-employed and use the same cash app accounts for personal things, the lines might get “blurry.”
What’s taxable and what is deductible will stay the same. But, the method in which transactions are reported will be modified.
It is recommended that business owners maintain all documents of taxable and non- taxable transactions. They are also urged to have separate accounts for business purposes.
If someone falls into the $600 or more category for a business, they will get a Form 1099-k.
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