Tax Reporting: Venmo/PayPal/CashApp

We're getting questions about the new tax reporting requirements for the cash apps.

Here's how it works: if you are paid $600 or more during 2022 thru the app, a 1099K will be filed with IRS. Big exception to the filing is if the payment is designated "friends and family." No payments with that designation will be included on the 1099.

So if your business is paid thru a cash app, know that the 1099 will be filed.

Hope this helps. If you have questions, please let us know.