New IRS Rule Changes for Payment Apps Explained (FULL DETAILS!)

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The IRS recently announced another rule change for reporting requirements for payment apps. This change is related to the 1099-K form that reports earnings from payment apps like Venmo, PayPal, and Cash App. Millions of people use these apps, so the new rule change will impact many different people.

In this video, tax expert Karlton Dennis explains exactly what the IRS changed for 1099-K reporting requirements. He also explains what the rules were before this change went into effect. It is important to realize that these rule changes could impact you even if payment apps are not the primary way that you get paid for your business.

The bottom line is that the IRS will be monitoring payment apps with a lot more scrutiny now. So, if you are someone who receives payments through PayPal, Venmo, Cash App, or other third-party payment apps, then you need to fully understand the new IRS rules for these apps. If you don’t, it could come back to bite you.

CHAPTERS:
0:00 Intro
0:26 Form 1099-K
2:48 Latest Changes
3:26 Why Do These Rule Changes Matter?
4:16 What About Personal Payments and Reimbursements?
6:12 What About Zelle?
7:02 What Happens If You Fail to Report Income on Form 1099-K?
7:55 Will the 1099-K Threshold Ever Return to $20,000?
8:54 Subscriber Question!
10:44 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#paymentapp #1099k #venmo #cashapp