New IRS $600 Rule To Crush PayPal, Venmo Users

  • 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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