IRS to begin taxing businesses for payment app transactions
NASHVILLE, TN (WSMV) - Many of us use Venmo, Paypal, or Cashapp, but the IRS is now cracking down on these payment apps.
Until now, the IRS usually only issued 1099 for a business with at least 200 business transactions and at least $20,000 in gross payments. However, that's all changing on Jan 1.