The IRS is cracking down on business owners who use apps like Venmo, Zelle and PayPal to conduct transactions, but do not pay taxes on the income. A new rule will allow the federal government to take a closer look at business transactions on these apps when they are more than $600.
The American Rescue Plan Act of 2021 that passed back in March modifies the IRS reporting requirements for transactions using these cash apps. When the new rule takes effect on January 1, the apps will notify the IRS when payments top $600, triggering a 1099 form to be sent out.
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