![]() It reports payment transactions made through credit and debit cards, as well as those made through third-party networks that exceed $600. ![]() The 1099-K form and Venmo Taxesįorm 1099-K is an IRS information return that allows for greater voluntary tax compliance. The new 1099-K rule has dramatically lowered the gross payments threshold to just above $600 for the calendar year. As a result, transactions over this amount, regardless of which third-party payment platforms made the payment, can signal the IRS to send form 1099-K. Venmo Tax requirements under the 1099 rules are important to understand and follow in order to ensure compliance with the new tax rules outlined by the Internal Revenue Service. Venmo Tax is a new 1099-K reporting rule that requires certain transactions made through Venmo to be reported to the Internal Revenue Service (IRS). It applies to any business transactions made through Venmo over $600 for goods and services. ![]()
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