Biden, Democrats require Venmo, PayPal, others to report $600 or more of payments to IRS
https://justthenews.com/government/congress/biden-democrats-require-venmo-paypal-report-600-or-more-payments-irsPresident Joe Biden and Democrats in Congress passed a new rule that requires payment companies and cash applications such as Venmo and PayPal to report $600 or more of payments to the Internal Revenue Services.
The law was included in the Democrats' $1.9 trillion American Rescue Plan Act, which was passed with only Democratic votes through budget reconciliation to avoid the Senate filibuster. The new rule took effect at the beginning of this month.
The requirement covers payments received for good and services. The rule would apply to payment services like PayPal, Venmo, Zelle, Cash App and others.
Some aspect of the $600 or more tax report passed.
