Tag: venmo

One Less Tax Form: IRS Delays Lower Cash App & Venmo Tax Reporting Threshold

Posted on by Rachael McGrew
Venmo Tax Reporting Image

IRS delays $600 reporting threshold requirement for Venmo tax reporting and other cash app transactions Venmo and other cash app users were gearing up to receive an extra tax form this 2023 tax filing season. Due to the American Rescue Plan Act of 2021, cash apps like Venmo, PayPal, and Zelle were required to issue

Tax Rules for Cash App Transactions

Posted on by Andrew Litchford

[2023 UPDATE: The IRS has delayed the implementation of the reporting threshold. Read more about the delay here.] Over the past two decades, the way we exchange money has changed significantly. Long gone are the days when writing checks, initiating wire transfers and paying with cash transactions were the primary mechanisms for conducting financial activity.