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IRS Rule for PayPal and Venmo and Your Business

IRS Rule for PayPal and Venmo and Your Business

by First Union | Apr 4, 2022 | Small Business

Beginning with the 2022 tax year, the IRS requires that payment apps such as PayPal and Venmo send 1099s to business accounts that make more than $600 per year. Previously, individuals only had to report when they made over $20,000 and had 200 or more transactions...

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