The Epoch Times
The Epoch Times
AD
The Epoch Times
Support Us
Economic Policies

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.
Author’s Selected Articles

Burgum Orders Scale-Back on Solar, Wind Projects, Citing Low Energy Efficiency

Aug 03, 2025
Burgum Orders Scale-Back on Solar, Wind Projects, Citing Low Energy Efficiency

Trump Admin Cancels $26 Million Funding for Baltimore-DC Maglev Train Project

Aug 03, 2025
Trump Admin Cancels $26 Million Funding for Baltimore-DC Maglev Train Project

Tesla Fined $243 Million by Florida Jury in Autopilot Crash Lawsuit

Aug 02, 2025
Tesla Fined $243 Million by Florida Jury in Autopilot Crash Lawsuit

US, Russia Space Chiefs Hold First Direct Meeting Since 2018, Vow to Continue Cooperation

Aug 01, 2025
US, Russia Space Chiefs Hold First Direct Meeting Since 2018, Vow to Continue Cooperation
Related Topics
IRS - U.S. Internal Revenue Service
America Rescue Plan
$600 tax reporting threshold
Form 1099-K
Add to My List
Save
The Epoch Times
To ensure we reach the high standards of reliability and neutrality that you expect from us, we are engaging with Ad Fontes Media to analyze our content. If you find an article you think falls short of the standard, please submit the link through this form.
Copyright © 2000 - 2025 The Epoch Times Association Inc. All Rights Reserved.