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 Users of Venmo And Other Payment Apps To Report Transactions Over $600
Taxpayers who use Cash App, Venmo and similar payment apps have been given another reprieve from a change that will require more reporting to the IRS. App users are currently required to report payments if they’re in the tens of thousands of dollars, and if numerous transactions are completed dur
www.forbes.com
