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Republicans Protest Biden's IRS Threshold Requirement for Online Purchases

Republicans Protest Biden's IRS Threshold Requirement for Online Purchases
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What you need to know about the new IRS rule requiring taxpayers to file business payments over $600

Taxpayers will have to report Venmo, PayPal and other third-party payment app business transactions that exceed $600 to the IRS in their 2021 tax returns. It doesn t apply to casual use of the apps.

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Lawmakers cry against Biden IRS reporting requirements on $600 transactions

The IRS posted an explainer Tuesday reminding taxpayers the reporting threshold for 1099-K forms would be lowered from $20,000 to $600.

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