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IRS warns Americans over $600 threshold to report Zelle transfers, PayPal payments to fund climate programs
IRS warns Americans over $600 threshold to report Zelle transfers, PayPal payments to fund climate programs | The Internal Revenue Service is reminding tax filers to prepare to report transactions of at least $600 that are made through so-called "third-party" facilitators such as Venmo and PayPal. The agency on Tuesday posted an explainer warning American business owners earning $600 or more per year on payments that are received through apps such as Zelle, Cash App, Venmo, and PayPal to file a tax form known as Form 1099-K. The IRS is interested in transactions involving part-time work, side gigs, and selling goods, according to the agency. When Congress passed the American Rescue [sic] Plan Act of 2021, it included a provision that reduced the reporting threshold to a single transaction over $600... The proposal was offered as a way to help pay for a $3.5 trillion social spending bill that would invest in [so-called] climate programs, child care and education.
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