PayPal, Venmo, Cash App to Report $600 in Total Transactions, Require Your Tax Info
Starting this month, third-party payment vendors will report $600 in total annual transitions to the IRS. That’s not every transaction of $600 or more. That’s if you do more than $600 worth of business with any of them over the course of an entire year.
Vendors will also need to see your tax information, comrades.
PayPal, Venmo, and others are acting in compliance with the American Rescue Plan Act, passed by Democrats on a strict party-line vote in both houses, and signed into law last year by Presidentish Joe Biden.
Are you feeling rescued yet?
PayPal told users:
Starting this month, third-party payment vendors will report $600 in total annual transitions to the IRS. That’s not every transaction of $600 or more. That’s if you do more than $600 worth of business with any of them over the course of an entire year.
Vendors will also need to see your tax information, comrades.
PayPal, Venmo, and others are acting in compliance with the American Rescue Plan Act, passed by Democrats on a strict party-line vote in both houses, and signed into law last year by Presidentish Joe Biden.
Are you feeling rescued yet?
PayPal told users:
You may notice that in the coming months we will ask you for your tax information, like a social security number or tax ID, if you haven’t provided it to us already, in order to continue using your account to accept payments for the sale of goods and services transactions and to ensure there aren’t any issues when these changes take effect in 2022.