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Paypal and Venmo Users Will Be Affected by the New Irs Rules This Year, According to a Tax Professional.

PayPal and Venmo users earning money this year may be subject to a change in the IRS reporting rules.

In order to comply with IRS reporting requirements, third-party payments have been around for quite some time. Previously, people who received more than 200 transactions over $20,000 were subject to this rule.

As a result of a modification in the American Rescue Act that went into effect at the beginning of this year, payment amounts have been cut to $600, regardless of the number of transactions.

Now that you’re thinking about it, you may have received a lot more money than that in the last year, and you’re afraid about owing a lot of money in taxes. This regulatory change, though, isn’t going to affect everyone.

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This year’s rule change means that any decisions you make now could have an impact on your taxes in the future.

This year’s reform will have the greatest impact on persons who receive payments for commercial purposes.

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Jaime E. Heard

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