Venmo, PayPal And The IRS: Here’s What You Need To Know

Image credit: Getty. Article by Angie Noll.  Forbes – September 9, 2022.

Beware, business owners and side-giggers: You are subject to taxes on your earnings when you collect payments from peer-to-peer apps like Venmo, PayPal and CashApp. To be clear, this is not a change in tax law since these earnings were already taxable; it is just a reporting change, where these providers must now send users tax forms for payments over $600, and the IRS can utilize mobile money apps during the audit process. […]

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