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IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit

IRS Warning Americans to Report $600 Transactions From Payment Processors or Risk Facing Audit
The Internal Revenue Service (IRS) headquarters building is seen in the Federal Triangle section of Washington, on April 27, 2020. Chip Somodevilla/Getty Images
Naveen Athrappully
Naveen Athrappully
12/3/2022|Updated: 12/14/2022
0:00
The Internal Revenue Service reminds taxpayers to report transactions of at least $600 made through payment networks like Venmo, Paypal, and Cash App as the agency seeks to obtain data regarding part-time employment and side gigs, a move that critics have termed government overreach.

In a recent explainer posted online, the IRS said that according to the American Rescue Plan Act of 2021, any payment made after March 11, 2021, that exceeds $600 must be reported. The target of the new reporting rule is small business owners, and people working side hustles or part-time gigs for extra income. Earlier the reporting threshold was $20,000 and more than 200 transactions within a calendar year. But, the amended rule applies to a single transaction.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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Related Topics
IRS - U.S. Internal Revenue Service
America Rescue Plan
$600 tax reporting threshold
Form 1099-K
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