Americans who earn at least $600 a year through PayPal will have to report their transactions to the U.S. Internal Revenue Service, the agency said today. Failure to comply with the new rule could result in an audit.
In a reminder to taxpayers, the IRS said that anyone who performs transactions through “third-party” payment facilitators like Venmo and PayPal will have to report those transactions in a form called Form 1099-K. This also applies to payments received through apps like Zelle and CashApp.
According to the agency, the IRS is interested in transactions involving part-time work, gigs, and the sale of merchandise online — such as eBay and Etsy sales. It doesn’t apply to non-commercial payments like reimbursements for food or rent or one-off transactions like selling an old piece of furniture, however.
Prior to the rule, which was instated by the Biden administration, the threshold for filing a Form 1099-K report was at least 200 transactions amounting to at least $20,000.
Eatgrueldog 
So the IRS is going to collect taxes due on income?
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Matthew, the IRS now has access to my personal and business account. Certain checks from my account are now marked “Fed copy” flagged and sent to the IRS. In order to online bank I am required to download a secure browser from the bank that the bank and the IRS have access to. Welcome to the USSA
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I’m asking because I don’t know, are those conditions because of the new $600 rule?
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The 600 rule is part of it. The 600 used to be $20,000, This is the new “Inflation reduction” act. The big guy has to get his cut to send to Ukraine,
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From what I’ve been reading, the $600 rule hasn’t been passed yet?
Don’t get me wrong, there’s nothing I like about the IRS.
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I thought I posted a link, but apparently didn’t , here is one from NBC https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260
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No matter how much money the criminals in power steal from us somehow it’s NEVER ENOUGH. Thus the never ending tightening of the screws. They aren’t hiring those 87,000 IRS
agents to investigate millionaires and billionaires. Those new
badgemonkeys will be aimed directly at the middle class.
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Ass Clowns from both parties have been Weaponizing Unconstitutional Agencies like the IRS for decades because we let them do it.
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For sure we have
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I know I’m on the “list” but they can’t shut me up. Born under the assumption of freedom will also die holding onto it. I’ve had my gut in my throat since I read the proposal 10/21/21. My business and personal invaded and I’m looking for a new way to conduct commerce. All of this shit needs to be shut down now not later. Has anyone noticed a change in your bank manager lately ? Always remember what was a service is now an aid to snitch on you. Our banks are now in a position to accuse us of crimes. Take a good long look at your bank manager.
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