IRS Reduces the Amount for
Reporting Payments Received on Digital Platforms

Venmo, PayPal, and Zelle must report transactions totaling more than $600 per year to the IRS.

According to NBC News, mobile payment apps like Venmo, PayPal, Zelle, and Cash App are now required to report business transactions totaling more than $600 per year to the IRS.

Previously, these mobile payment apps only reported to tax authorities when a person had more than 200 business transactions per year that exceeded $20,000 in total value, according to the IRS.

The tax reporting change only applies to charges for goods or business services, not personal charges from friends and family, such as splitting a dinner bill.

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