Just heads up, beginning 2022, digital platforms are recording people who receive more than $600 on platforms such as PayPal and Venmo and will be sent a 1099-k starting early 2023.
It is essential that you include in the payment notes, for example box splits etc, that this is a bill split/reimbursement, as they are not profit transactions.
www.forbes.com
It is essential that you include in the payment notes, for example box splits etc, that this is a bill split/reimbursement, as they are not profit transactions.
IRS Delays Requiring Venmo, Cash App and Other Payment Apps To Report Payments Of $600 Or More
Payment apps such as Cash App and Venmo have been given extra time to implement a change that will require them to report more consumer payment information to the IRS. The current law requires the companies to report payments if they’re in the tens of thousands of dollars, and if numerous transac
www.forbes.com
