New IRS Reporting Requirements for Merchant Transactions Form

Instructions and help about New IRS Reporting Requirements For Merchant Transactions

Keeping an eye on your money tonight. If you use Venmo Cash app or any other payment app, a lot of confusion about new tax rules if you use these apps for a side hustle to get paid directly. But 10 Tampa Bay anchor Josh, the it is here to verify new reporting rules are not taking effect for the upcoming tax filing season after. All right, the IRS has updated its reporting guidelines a few times on this and just did it again. So using these sources here, let's verify what you need to know. Now, since 2008 cash apps have been required to send 1099 K forms to customers who receive income of more than $20,000 and have 200 or more transactions a year. But as we've told you before, under the American rescue plan of 2021 that threshold was lowered to 600 with no transaction minimum and that change was supposed to go into effect for income earned during 2022. But then last December, the IRS delayed the implementation by a year. Well, now the IRS says it's delaying it again by adding another ye