{"id":593,"date":"2023-07-07T07:31:40","date_gmt":"2023-07-07T07:31:40","guid":{"rendered":"https:\/\/www.westevens.com\/blog\/?p=593"},"modified":"2023-07-06T17:19:00","modified_gmt":"2023-07-06T17:19:00","slug":"social-payment-apps-do-you-need-to-report-income-now","status":"publish","type":"post","link":"https:\/\/www.westevens.com\/blog\/social-payment-apps-do-you-need-to-report-income-now\/","title":{"rendered":"Use Venmo, Paypal, or Cashapp For Your Business? Read This First."},"content":{"rendered":"<p style=\"margin-top: 0in;\"><span style=\"font-family: 'Verdana',sans-serif; color: black;\">If you receive income through social payment apps (Venmo, Cashapp, etc.), you may be in for a surprise this upcoming tax season.<\/span><\/p>\n<p style=\"margin-top: 0in;\"><strong>CHANGES<\/strong><\/p>\n<ul>\n<li><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Beginning this year, taxpayers must report to the IRS transactions of $600 or more that are received through payment apps like Venmo, PayPal, and Cash App.\u00a0<\/span><\/li>\n<li><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Third-party payment processors will now be required to report a user&#8217;s business transactions to the IRS if they exceed $600 for the year.\u00a0<\/span><\/li>\n<\/ul>\n<p><strong>EXCLUSIONS<\/strong><\/p>\n<ul>\n<li><span style=\"font-family: 'Verdana',sans-serif; color: black;\">The new rule only applies to payments received for goods and services transactions. <\/span><\/li>\n<li><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Using Venmo or PayPal to send a loved one a gift, pay your roommate rent or reimburse a friend for dinner will be excluded.<\/span><\/li>\n<li><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"margin-top: 0in;\"><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Call our office if you have questions regarding how these new tax rules might affect you. (402) 932-8815.<\/span><\/p>\n<p style=\"margin-top: 0in;\"><span style=\"font-family: 'Verdana',sans-serif; color: black;\">Sincerely,<\/span><\/p>\n<p style=\"margin-top: 0in;\"><span style=\"font-family: 'Verdana',sans-serif; color: black;\">W.E. Stevens PC<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you receive income through social payment apps (Venmo, Cashapp, etc.), you may be in for a surprise this upcoming tax season. CHANGES Beginning this year, taxpayers must report to the IRS transactions of $600 or more that<\/p>\n","protected":false},"author":2,"featured_media":594,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[10,12,13],"tags":[],"_links":{"self":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/593"}],"collection":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/comments?post=593"}],"version-history":[{"count":5,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions"}],"predecessor-version":[{"id":597,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions\/597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media\/594"}],"wp:attachment":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media?parent=593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/categories?post=593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/tags?post=593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}