Does venmo report transactions to irs 

Answer The Question. Don't have cash on you to make a purchase? Just use Venmo and the payment will process in 1-3 business days with no transaction fee. de 2022 (WCMH) — Many people who use Zelle, Venmo, and Cash App were stunned to learn that the IRS now wants to know about large transactions. The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like in an effort to fight tax evasion. It doesn't matter if you are a business owner or using it for personal payments. But the steps you take to transfer your Venmo balance(s) to your bank accountVenmo, CashApp and other third-party apps to report payments of 0 or more to the IRS. ". Fact Check: Social media users are sharing a Facebook image that claims people who use third-party payment apps such as Venmo or PayPal will be taxed on all transactions “totaling up to over 0” starting in 2022. What Happened: Starting this year, the IRS is requiring mobile payment apps such as Zelle, Block Inc. No more running to the ATM. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 06, 2022 · It impacts all payments apps, including Venmo, PayPal, Cash App, Zelle, Google Pay, and others. de 2021 A new law that goes into effect next year will target small business owners who receive 0 or more in payments for total goods. Business owners earning 0/yr using Cash App, Zelle must file a 1099-K. Most of the time, you’ll receive money back due to the overage you’ve likely paid to the federal government over the course of the year. Is there a max you can send on venm. de 2022 The IRS is not requiring individuals to report or pay taxes on mobile payment app transactions over 0. de 2022 The IRS isn't coming after your Venmo or Paypal transactions with friends and family. Jan 24, 2022 · From The Left. Nov 10, 2021 · Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total 0 or more for the year. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 05, 2022 · In addition to PayPal, Venmo, Cash App, Zelle, Google Pay and other popular payment applications, the new law will impact all other major payment apps as well. Jan 13, 2022 · President Biden’s IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed 0 in one year. From the IRS's perspective, business income collected through a P2P app is no different from any other transaction that goes through a traditional bank account. When Venmo started, it was mostly used to split bills for things like dinner or utilities among friends and family. Rather, small business owners, independent contractors and those with a side hustle who use third-party payments apps for commercial payments will have their total transactionMillions of small business owners who rely on payment apps like Venmo, PayPal and Cashapp could be subject to a new tax law that just took effect in January. Again, Venmo will NOT send you a 1099-K form, as its parentThe IRS is not requiring individuals to report or pay taxes on individual Venmo, Cash App or PayPal transactions over 0. 3 Venmo 2022 Tax FAQ Feb 03, 2022 · AT the start of the New Year, business owners using third-party payment processors were forced to report 0 transactions or higher to the IRS. de 2022 The U. If you're using Venmo in the "paying you for rent/utilities/food" kind of way, this won't affect you. de 2022 The Internal Revenue Service (IRS) requires all payment processors in the United States, including Venmo, to provide information to thehá 7 dias But it does make it harder for someone to evade existing taxes owed if they're getting paid through an app for business transactions. 's (NASDAQ: PYPL) Venmo to report business Jan 29, 2022 · RELATED: PayPal, Venmo, Money App required to report transactions exceeding 0 to IRS Who does the mannequin new legal guidelines apply to? It does apply to individuals who purchase industrial funds by way of Zelle or Venmo, resembling for gig jobs or for giant sellers on eBay. The new rule, which took effect Jan 28, 2022 · The IRS will also receive a copy of the tax form and won't be relying purely on self-reporting. January 05, 2022 at 11:15 am EST By Debbie Lord, Cox Media Group National Content Desk. Note: Venmo does not send 1099s as it is not an approved SEC payer. Oct 12, 2021 · What does the new law actually say. Report)-owned Venmo and Square (() - Get Square, Inc. nbcnews. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 05, 2022 · Venmo, Paypal, Cash App must report payments of 0 or more to IRS. But CNBC says, " No, the IRS is not taxing your Venmo transactions. The new rule simply means that the IRS will figure outDoes Venmo Report to the IRS? Смотреть позже. 2. this is all because the american rescue plan act of 2021 inclesud language for third Jan 06, 2022 · Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January. This is the tax form used to report payments received by a business or individual for the sale of goods and services that were paid for through a third party network. Does Paypal (or Venmo, Cash App, Google Pay, Apple Pay, Zelle, etc) report my transactions to the IRS? As of January 1, 2022, Paypal and other third party settlement organizations (TPSOs), sometimes known as peer to peer (P2P) payment networks, must report payments received for goods and services transactions made by users that total 0 or more within the year. The amended reporting threshold is part of the American Rescue Plan (pdf) which was passed by the Democrats without a single Republican vote in March 2021. Jan 08, 2022 · If you own your own business or have a side business and get paid through digital apps like PayPal, Zelle, Cash App, or Venmo, income over $ 600 will now be reported to the IRS. government passed legislation for 2022 as part of the American Rescue Plan Act that forces online payment platforms like Venmo, PayPal, Stripe, and Square to report all aggregate business payments of 0 or more to the IRS through a 1099-K form. PayPal, Venmo (Paypal), Stripe, Square and others are 1099-K form filers to the IRS and are considered Third-Party Settlement Organizations (TPSOs) and they all have the same thresholds. The change will mostly impact businesses, according Jan 28, 2022 · The IRS will also receive a copy of the tax form and won't be relying purely on self-reporting. Biden signed into law a modification to IRS reporting requirements on digital transactions. We’ll explain how to handle Venmo transactions and the taxes you need to be aware of. Jan 10, 2022 · If you Venmo, PayPal and Cash App, you will be required to track transactions exceeding 0 to IRS. A provision from the 2021 American Rescue Plan, which went into effect on Jan. If you pay your employees via Venmo, make sure you issue the 1099-MISC forms if their earnings exceed 0 per year. FirstBank offers banking solutions for businesses and consumers including loans, mortgages, checking and savings accounts, online and mobile banking, and more. The change will mostly impact businesses, according Oct 28, 2021 · For the IRS, business income collected through a P2P app is no different from any other type of transaction involving a bank account. But what you may not realize is that if you use services like Venmo for your business, you have to report your income to the IRS. " It says a new law that took effect January 1 applies to small businesses to make sure they pay their fair share of taxes. The IRS provision instructs every payment app to give its users a 1099-K for business transactions. It can help you save moFiling your taxes each year is a necessary part of adulting. Oct 12, 2021 · First, The American Rescue Plan Act, which was passed by Congress in March, has a provision that will go into effect on Jan. The only record the app provides is what the sender types when sending or getting funds in their account. The IRS views the payment and/or receipt of money through Venmo or any similar peer-to-peer (P2P) app the same as a “traditional” payment and/or receipt of cash. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Does venmo report to IRS? In compliance with IRS regulation IRC 6050W, Venmo and other payment providers are required to report to the IRS the total payment volume received by business profile account holders whose payments meet or exceed both of these levels in a calendar year: 200 payments for goods and services in the same year. Matt Milano. The Treasury Department and the IRS launched the "Get My Payment" tool that allowed people to track their payout. More simply put, anyone who receives at least 0 in tips through Venmo can now expect to receive a 1099-K. Jan 17, 2022 · Initially, Venmo, PayPal, and similar apps were only required to report accounts with more than 200 transactions and ,000 in a year. Jan 05, 2022 · Venmo, PayPal and Cash App will now have to report transactions totaling more than 0 to the IRS as Biden plans to ramp up financial enforcement The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them Beginning Jan. The new rule, which took effect January 1, doesn't impose any additional taxes on payment app users. The payment platform must take care Venmo business transactions totaling 0 per YEAR will now be taxed, as of Jan. Similar Questions. this is all because the american rescue plan act of 2021 inclesud language for third Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. 1, requires third-party payment processors to report transactions received for goods or services Jan 28, 2022 · The IRS will also receive a copy of the tax form and won't be relying purely on self-reporting. While the law is not new, it has changed. Jan 12, 2022 · But users were largely mistaken to believe the change applied to them. The IRS considers payments made by cash as unsubstantiated. Yes, Cash App report Personal account and file 1099-B to the IRS for the applicable tax year depending on if you exceed the trigger amount for the 1099 form . . Third-party settlement organizations will be required to file taxes on exceeding transactions for goods and services. com **THIS VIDEO IS FOR EDUCATIONAL AND ENTERTAINMENT PURPOSES ONLY. Let’s dive in. Under the new tax law that took effect on Jan. The Internal Revenue Service (IRS) is cracking down on payments made through third-party applications such as Venmo, PayPal, and Cash App in order to guarantee that consumers who use these services pay their A new IRS rule set to go into effect in 2022, will impact businesses that use cash apps like Venmo, Zelle, and PayPal, as various news outlets are reporting. Yet, this month the IRS will begin collecting taxes on commercial transactions amounting to 0 or more per year. It aims to eradicate people avoiding taxes. Beginning in 2022, such third-party payment processors are required to report business transactions to the IRS if they top 0 for the year. Venmo, which is owned by PayPal, said the adjustment will affect payments for goods and services, not money transactions between family andPayPal shares with the Internal Revenue Service (IRS) about transactions made using PayPal and Venmo for the sale of goods and services. ’s (NASDAQ: PYPL) Venmo to report business transactions totaling more than 0. de 2022 Venmo, PayPal and other similar peer-to-peer payment sites now have to report over 0 in annual business transactions to the IRS. may request additional information from you to properly report your transactions on the Form 1099-K. In this guide, we’ll be exploring Venmo 1099 taxes. 1, the IRS started requiring all third-party payment processors in the United States (such as Venmo or PayPal) to report payments received for goods and services of 0 or more per year. A new law requires third-party payment networks like Venmo and CashApp to report commercial payments of more than 0 a year. by Wayne Dupree January 5, 2022. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 06, 2022 · President Biden’s IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed 0 in one year. Jan 21, 2022 · A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. 15. de 2022 This year, online payment platforms must crack down on freelancers and business owners who otherwise may underreport earnings. A new rule will go into effect on Jan. As of Jan. 1, payment platforms like Venmo, PayPal and Zelle must report to the IRS the transactions of anyone who receives 0 or more per year in Jan 07, 2022 · VENMO, PayPal, Zelle, and Cash App must report certain 0 transactions to the Internal Revenue Service under new rules. com At some point they will be asking someone (payer, recipient) to tell them what kind of transaction it is for. Odds are that if you need to contact them about something, someone, somewhere has made a mistake, and even under the best circumstances, taxes can be confusing and frustrhá 6 dias As of Jan. 3 Venmo 2022 Tax FAQ Jan 06, 2022 · Under orders from President Biden, the IRS is cracking down on payments Americans receive through third-party apps and is now requiring Venmo, PayPal, and Cash App to report transactions if they Jan 28, 2022 · The IRS will also receive a copy of the tax form and won't be relying purely on self-reporting. Payment 12 de jan. Jan 13, 2022 · Payment card transactions include accepting a card, such as a gift card, credit card, or debit card, for goods or services. 13 de out. Popular payment apps will start reporting payments of 0 or more to the IRS to comply with a new tax law. "The Administration's bank reporting proposal does not track transactions in your bank account, or payments you make on Venmo, Paypal, or with anyThe IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and 1, 2022, third-party payment processors were required to report such transactions. AT the start of the New Year, business owners using third-party payment processors were forced to report 0 transactions or higher to the IRS. Under the American Rescue Plan Act, people who sell goods or services on platforms like Etsy, eBay and other sites that use third-party transaction networks – like PayPal, Cash App and Venmo – will be issued a tax form called a 1099-K for online sales totaling 0 or more starting next year. Prior to 2022, the IRSThe IRS is cracking down on payments received through apps, such as Cash App, Zelle or Paypal "Now they're doing this Venmo stuff, it's like they just want to keep taking money," Sandoval said 1, 2022, third-party payment networks will be required to send users Form 1099-K for transactionsIRS Targets Your Side Hustle in Crackdown on Transactions Over 0. Jan 12, 2022 · What Happened: Starting this year, the IRS is requiring mobile payment apps such as Zelle, Block Inc. As a result of the changes, apps like PayPal, Venmo, and Cash App might1, payment platforms like Venmo, PayPal and Zelle must report to the IRS the transactions of anyone who receives 0 or more per year in commercial earnings. It aims to eradicate people avoiding Jan 28, 2022 · The IRS will also receive a copy of the tax form and won't be relying purely on self-reporting. de 2022 Beginning January 1, 2022, the Internal Revenue Service (IRS) introduced new reporting requirements for payments received for goods and 7 de jan. This information is largely false. An ABC Action News report said the new Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. If you engage in several transactions per day, month or year on a personal account, expect to be flagged by Venmo’s parent company, PayPal. CPA Kemberley Washington explains what you need to know. de 2022 Venmo, CashApp and other third-party apps to report payments of 0 or more to the IRS. The new rule IRS Tax Tip 2019-49, April 29, 2019 Federal law requires a person to report cash transactions of more than ,000 to the IRS. The new rule will affect all main payment apps including PayPal, Venmo, Cash App, Zelle, Google Pay, etc. Oct 04, 2021 · Is the IRS Really About to Tax Your Venmo, PayPal, and Cash App Transactions? It's not a "new" tax, but the IRS is looking closely at transactions that are 0 or more. For example: If you need to access your transaction history for all of 2020, you'll need to access four separate date ranges: Jan 1 - Mar 31; Apr 1 - Jun 30; Jul 1 - Sep 30; Oct 1 - Dec 31 If you're having trouble accessing the specific range you want, try adjusting the end date before you adjust the start date. Before, the third-party payment apps were required to report gross income for users Dec 15, 2018 · You’ll usually get a 1099-K if you were paid via a processor like Square, Venmo, Paypal etc. Effective January 1, 2022, combined earnings of 0 or more will now be reported to the IRS pursuant to a provision in the 2021 American Rescue Plan that was passed in March 2021, which directs third-party payment processors to report Oct 13, 2021 · Cash apps like Venmo, Zelle, and PayPal make paying for certain expenses a breeze, but a new IRS rule will require some folks to report cash app transactions to the feds. And wIt’s true that it’s not a “new” tax, as some viral social media posts may argue, but the new IRS regulation NS Makes it easy for agencies to tax previously undisclosed income paid through apps such as Venmo and PayPal. Apps like Venmo, Paypal, and CashApp will 25 de jan. While businesses have been required to report payments of 0 or more for years, this is the first time that online payment apps If you are someone who utilizes the convenience of receiving money through digital apps like PayPal, Zelle, Cash App or Venmo, this information is for you. Nov 09, 2021 · Payment app providers will have to start reporting to the IRS a user’s business transactions if, in aggregate, they total 0 or more for the year. Jan 24, 2022 · By: CNN. Jan 13, 2022 · The new IRS rules are fairly straightforward. (CNN) -- If you use payment apps like Venmo, PayPal or CashApp, the new year ushered in a change to an IRS tax reporting rule that could apply to some of your transactions. PayPal said both "PayPal and Venmo offer a way for customers to tag their peer-to-peer (P2P)The Internal Revenue Service (IRS) requires all payment processors in the United States, including We treat all Venmo transactions as "card not present" transactions, so we report all of your Does the Form 1099-K include information about closed accounts? A Form 1099-K will be issued if theHow does Venmo track my payments? Venmo only tracks payments through a tab on the app. January 05, 2022 at 11:15 am EST By Debbie Lord, Cox Media Group National Content Desk Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. The new rule began on January 1. de 2022 Venmo, PayPal, Cash App and other third-party payment applications are now required to6 de jan. de 2022 A new tax rule for peer-to-peer payment apps means freelancers will need to be more diligent about tracking online transactions. Any movement of more than 0 per year through one of those services will now have to be reported to the IRS. In-store Payments Go from e-tail to retail with POS tools. A tax law that takes effect in January will require third-party payment processors like PayPal, Venmo and Cash App to report a user’s business transactions to the Internal Revenue Service if they exceed 0 in a year. Sep 17, 2021 · So, Does Venmo Report to the IRS? Venmo has a simple method of tracking the payments you make when sending or receiving money. If you use payment apps like Venmo, PayPal or CashApp, the new year ushered in a change to an IRS tax reporting rule that could apply to some of your transactions. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 05, 2022 · Venmo, PayPal and Cash App will now have to report transactions totaling more than 0 to the IRS as Biden plans to ramp up financial enforcement The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them Oct 04, 2021 · Media outlets have been Debanking Claims that there is a new tax on Cash App transactions worth over $ 600. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Jan 05, 2022 · Venmo, PayPal and Cash App will now have to report transactions totaling more than 0 to the IRS as Biden plans to ramp up financial enforcement The new reporting requirement will ensure that small businesses that receive payments through those apps are paying their fair share in taxes on them Contribute Login Join NewsEarningsGuidanceDividendsM ABuybacksLegalInterviewsManagementRetail SalesOfferingsIPOsInsider TradesBiotech FDAFreightTechMarketsPre Jan 05, 2022 · Venmo, Paypal, Cash App must report payments of 0 or more to IRS. Is venmo Safe 202. Yes, regardless of whether or not you meet the two thresholds of IRS reporting within IRC Section 6050W, you will still have to report any income received through …. Before, the third-party payment apps were required to report gross income for users Jan 18, 2022 · The bill does not impose any new taxes and most personal transactions would be exempt from the reporting requirement. VENMO TAX REPORTING. Venmo, Cash App And Other Payment Apps To Report Payments Of 0 Or More. Previously, those business transactions were only reported if they were more than ,000. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Nov 10, 2021 · (CNN) - If you use PayPal or Venmo for business transactions, the IRS might be looking more closely at your accounts. 1, allowing them to take a closer look at cash app business transactions. Businesses are still required to report any payments received through Venmo and PayPal as taxable income when filing taxes. Feb 03, 2022 · AT the start of the New Year, business owners using third-party payment processors were forced to report 0 transactions or higher to the IRS. 1, 2022, third-party payment processors were required to report such transactions Jan 31, 2022 · Save. A change to an IRS rule for reporting transactions that are paid for using third-party payment Form 1099-K is used to report to the IRS goods and services payments received by a business or It does not apply if a person is using the service to send someone a gift or pay someone back for buying aCompanies like Venmo, Zelle and Cash App will send users Form 1099-K for transactions done either by electronic means or mail, Forbes reported. this is all because the american rescue plan act of 2021 inclesud language for third Sep 28, 2021 · At the most basic level, the proposal calls for your bank and other platforms you use, like Venmo, PayPal, or Cash App, to create a report that is sent to the IRS every year that shows "inflows Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. Around 80% of filers fall into this categoDealing with the IRS usually isn’t regarded as a pleasant experience. Jan 21, 2022 · New Tax Rule: Ensure Your Venmo Transactions Aren’t Accidentally Taxed. Feb 01, 2022 · Venmo, PayPal and Zelle must report 0+ in transactions to IRS News Venmo, PayPal and Zelle must report 0+ in transactions to IRS Starting Jan. 1, mobile money apps like Venmo, PayPal and Cash Jan 04, 2022 · Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January. in/gn2SFWx3 Feb 01, 2022 · New York—Jewelers, designers and service providers using payment apps like Venmo or PayPal should make note of a recent change to a tax reporting rule. The Internal Revenue Service (IRS) is cracking down on payments made through third-party applications such as Venmo, PayPal, and Cash App in order to guarantee that consumers who use these services pay their Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. 3 Venmo 2022 Tax FAQThey're going after people who get paid via Venmo/Cashapp/Paypal. 14. Oct 21, 2021 · Venmo (PayPal) According to a spokesperson from PayPal, the American Rescue Act will be affecting tax reporting thresholds as stated, but will only be applicable to payments for goods and services Feb 02, 2022 · What to know about the IRS' new reporting requirements for Venmo, PayPal and other payment apps While the new IRS income-reporting requirements sparked backlash online, those who use third-party payment apps for personal transactions like splitting a restaurant bill among friends will not be impacted by the new income-reporting requirements. This goes for Zelle, Cash App, PayPal and other digital payment apps. and if the grand total of your income from various sources is over 20k. Instead, it "provides more data to the IRS and summary information to the taxpayer. Those who exceed the goods and services threshold will receive a 1099-K form. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Dec 30, 2021 · You are required to report any income listed on your Form 1099-K from your taxable transactions on your income tax return. Beginning Jan. A recent piece of TikTok finance advice has struck terror into the hearts of payment app users, claiming that anyone Feb 03, 2022 · AT the start of the New Year, business owners using third-party payment processors were forced to report 0 transactions or higher to the IRS. de 2022 CPA Tracy Fickett explains new IRS rule impacts the use of third-party payment processors like Venmo or PayPal to pay for goods and 27 de dez. IRS tells payment apps to report business transactions over 0. de 2022 Many people who use Zelle and Venmo were stunned to learn that the IRS now wants to know about the large transactions. Jan 08, 2022 · Mobile payment apps such as PayPal, Venmo, Zelle, and Cash App have begun reporting transactions that are over 0 per year. Venmo operates with real money, so it's not considered a virtual currency but a digital one. https://lnkd. Jan 03, 2022 · Payments of 0 or more through third-party payment networks like Venmo, Cash App, or Zelle will now be reported to the IRS. As of January 1, 2022, the use of third-party payment networks, such as Venmo, Cash App, or Zelle, for transactions amounting to more than 0 per year in exchange for goods or services will now have tax implications that must be reported as income on Tax form 1099-K. "The IRS will be able to cross-reference both our report and yours," Paypal noted in a November 2021 Sep 28, 2021 · At the most basic level, the proposal calls for your bank and other platforms you use, like Venmo, PayPal, or Cash App, to create a report that is sent to the IRS every year that shows "inflows Oct 19, 2021 · An ABC Action News report said the new rule allows the IRS to take a closer look at cash app business transactions of 0 or more. The American Rescue Plan Act passed in March requires cash apps like Venmo, PayPal and Zelle to report commercial transactions over 0. Instead of reporting ,000 through Venmo, the new provision needs people to report service payments that total 0 or more. It’s now just one requirement – 0. The change will mostly impact businesses, according Jan 05, 2022 · A tax law that takes effect in January will require third-party payment processors like PayPal, Venmo and Cash App to report a user’s business transactions to the Internal Revenue Service if they exceed 0 in a year