The new 1099-K rule has dramatically lowered the gross payments threshold to just above $600 for the calendar year. Venmo Tax requirements under the 1099 rules are important to understand and follow in order to ensure compliance with the new tax rules outlined by the Internal Revenue Service. It applies to any business transactions made through Venmo over $600 for goods and services. Venmo Tax is a new 1099-K reporting rule that requires certain transactions made through Venmo to be reported to the Internal Revenue Service (IRS). We are going to answer some of them for you. The Internal Revenue Service has issued some new rules for reporting business income through payment services such as Venmo, PayPal, CashApp, and other third-party payment processors and it has left many taxpayers with a lot of questions. Venmo tax reporting is the new hot topic this year.
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