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Reporting Venmo, PayPal, and Cash App to the IRS

Apps like Cash App, Venmo, PayPal, etc. DO have to report to the IRS for business items over $600. BUT – it’s for 2022, not 2021 taxes. This is only for businesses (when payments are entered as a good/service) and are reported on a 1099 to the IRS. For 2021 and past years, you had to have over 200 transactions and $20,000 before anything was reported.

Reach out to The Tax Shelter for help reporting these in 2023!

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