New IRS $600 Rule To Crush PayPal, Venmo Users

MIAMI, FL - DECEMBER 22:  A H&R Block office is seen on the day President Donald Trump signed the Republican tax cut bill in Washington, DC  on December 22, 2017 in Miami, Florida. Kathy Pickering, vice president of regulatory affairs and executive director of The Tax Institute at H&R Block released a statement about the new tax bill saying,

At a glance

  • The IRS warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments.
  • The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods.
  • “It’s going to be a new form for a lot of people,” said Adam Markowitz, vice president at Howard L Markowitz PA, CPA.

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