The IRS is cracking down on people making an income through applications like PayPal, Venmo and Etsy.
The good news for you is I am not here to talk about death. But I am talking about taxes.Well, if you like to send a lot of cash to friends through apps like Papal or Venmo these days, you may want to listen up.
For years – Venmo, Paypal, Etsy, and others only reported transactions to the IRS when at least $20,000 was processed by an account user in a given year.The change was made by President Biden when he signed The American Rescue Plan last year and is designed to catch some Americans who are not fully reporting their income.There is a push on capitol hill to delay this law, but so far that hasn't passed.
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