New Cashapp and Venmo Tax Requirements

IRS Updates: Good News on Tax Reporting Requirements for Venmo and PayPal Users

I'm Chris Campbell, a practicing CPA, and today I'll share some good news from the IRS regarding tax reporting requirements for payment processors like PayPal and Venmo.

Originally, a $600 reporting threshold was set to start in 2023, but it has now been delayed and the threshold will increase to $5,000 in 2024. I'll explain why this change is a relief for many, particularly those who use these platforms for personal transactions or sell items at a loss.

Click play for all the details - and be sure to like, share and subscribe for more business and tax topics to come!

00:00 Introduction
00:12 IRS Reporting Requirements Update
00:44 Details on the $600 Reporting Threshold
02:42 Implications of the $600 Threshold
04:37 New $5,000 Threshold
04:51 Final Thoughts

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About Me:
Christopher J. Campbell, CPA
Website: https://www.chriscampbellcpa.com
Email: info@chriscampbellcpa.com
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I operate a virtual accounting firm focusing on tax, accounting, bookkeeping and CFO services for closely held businesses and individuals. I additionally provide business management services for creatives.

Видео New Cashapp and Venmo Tax Requirements канала Christopher J. Campbell, CPA