Until now, Venmo users didn’t have to report income they received through the app, if it was under $20,000. As a part of the American Rescue Plan, Congress lowered that requirement to just $600.
WASHINGTON - Filing taxes can be confusing. If you use apps like Venmo, Cash App or PayPal, it could soon get even more complicated.
Until now, Venmo users didn’t have to report income they received through the app, if it was under $20,000.“I feel like that’s really the thing that’s burdensome. For many, they don’t declare their income, and now, they have to [declare],” said Michael Harlen, a touring musician, who is primarily paid through Venmo.“Think about all the small businesses, even individuals that, you know, basically have transactions back and forth. They’re now going to have to file new IRS forms,” said Hagerty.
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